IAIS on Package for 2020 Data Collection on ICS and Aggregation Method

ICS Version 2.0 for the monitoring period consists of three document levels. The Level 1 document for the ICS Version 2.0 for the monitoring period sets out the overarching principles and concepts for the annual confidential reporting of the reference ICS and additional reporting during the five-year monitoring period. The Level 1 document should be read in conjunction with the more detailed specifications contained in the Level 2 document for ICS Version 2.0 for the monitoring period. Levels 1 and 2 together form ICS Version 2.0 for the monitoring period. The Level 1 document was published in November 2019 and the Level 2 document was published in March 2020. The ICS data collection package consists of material provided to Volunteer Groups to complete the annual ICS confidential reporting. The ICS technical specifications document (also referred to as Level 3) includes the Level 1 and Level 2 text and provides additional relevant information, consistent with the agreed Level 1 and 2 documents. The ICS technical specifications must be read in conjunction with the associated data collection template, questionnaire, and yield curve documentation. These documents do not replace or supersede the ICS Level 1 and Level 2 documents.

The Aggregation Method technical specifications must be read in conjunction with the associated data collection template and questionnaire documentation. The Aggregation Method technical specifications, by design, leave several policy questions open. These include, but are not limited to, the choice of scalars, the exact adjustments made, and the treatment of certain capital resources. Although several options for calculating the Aggregation Method have been included, the final method may differ from these options. While care should be taken to enter information for each legal entity correctly, it is of utmost importance that the values are reasonable in total. The terms and balances being requested, when possible, should be in accordance with the local jurisdictional statutory reporting. For entities that do not file statutory reports, local GAAP reporting should be used. The scope of the data collection includes the same entities that would be reported in the GAAP Balance Sheet under the ICS, as defined in the 2020 ICS Data Collection Technical Specifications.

Keywords: International, Insurance, ICS, Data Collection, Aggregation Method, GAAP, ICS Version 2, ComFrame, Monitoring Period Project, IAIS