Risk-based Global Insurance Capital Standard

 
Consultation: Comments due by 16 February 2015 midnight Basel time
 
Background: Following the IAIS’ July 2013 announcement that it considers a sound capital and supervisory framework for the insurance sector essential for supporting financial stability and protecting policyholders, the IAIS in October 2013 announced its plan to develop the ICS by 2016. The ICS will be developed to apply to internationally active insurance groups (IAIGs) as part of the IAIS’ common framework for the supervision of IAIGs, or ComFrame.
 
This Consultation Document is the first step in a multi-year process to develop and finalise the ICS. The purpose of this Consultation Document is to solicit feedback from stakeholders on the proposed ICS. This includes feedback on valuation, qualifying capital resources, an example of a standard method for determining the ICS capital requirement as well as exploration of potential other methods for determining the ICS capital requirement. It contains more than 160 specific questions the feedback from which, in addition to the Principles for ICS Development, will guide the IAIS as it continues to develop the ICS.
 
Feedback on this Consultation Document is invited by 16 February 2015. Feedback received by this date will enable the IAIS to enhance the development of field testing technical specifications. The IAIS is seeking answers to the specific questions listed in the consultation as well as on each section of the document.
 
How to provide responses: Please use the Consultation Tool available at the consultations page of the public section of the website (accessed below) to provide your responses. Due to IT upgrades being performed, the tool will only be available beginning 7 January 2015. Instructions for use are available when you access the Tool. All comments will be published on the IAIS website unless a specific request is made (in the tool) for comments to remain confidential.
 
Please note that some formatting (e.g. bullet points) may not be preserved when copying and pasting your responses into the Consultation Tool from other software such as Microsoft Word.