IAIS Releases ICS Version 1.0 for Extended Field Testing
IAIS announced the release of the Insurance Capital Standard (ICS) Version 1.0 for extended field testing. This represents an important step toward the development of ICS Version 2.0 by late-2019. Although ICS Version 1.0 for extended field testing is not a formal consultation document, the public may provide feedback on it. This feedback will be considered in the development of ICS Version 2.0.
The ICS Version 1.0 for extended field testing document is a milestone that explains the rationale for the design and calibration of the ICS components and, where relevant, the various options being considered. It references the responses to the 2016 ICS consultation as part of the explanation for the design and calibration of the ICS and sets out future steps toward ICS Version 2.0, including future field testing exercises and consultations. ICS Version 1.0 for extended field testing has been shaped by the extensive feedback received by the IAIS through multiple public consultations, volunteer field testing exercises, and stakeholder sessions. Industry participation continues to grow, with nearly 50 of the largest insurance groups in the world now involved in the extended field testing process. ICS is one of the components of ComFrame—the Common Framework for the Supervision of Internationally Active Insurance Groups (IAIGs). ComFrame consists of both quantitative and qualitative supervisory requirements tailored to the complexity and international scope of IAIGs.
Keywords: International, Insurance, IAIS, ICS, Field Testing, ComFrame
Related Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.