Insurance Capital Standard (ICS)

The errata reflects changes in the 2021 ICS Data Collection Technical Specifications that affect the previously published Level 1 and Level 2 documents.

As previously communicated, the documentation framework for 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 (ie ICS architecture) 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 (eg practical examples and instructions), consistent with the agreed Level 1 and 2 documents.

The IAIS received 56 submissions in response to the 2018 ICS Consultation Document of which 18 were requested by the respondents to be kept confidential. Therefore, the comments that are posted here publicly are a subset of those that the IAIS will be taking into account as it moves forward with the ICS. We thank all stakeholders and members who took the time to provide the many thoughtful comments on all aspects of the ICS.

The IAIS received 76 submissions in response to the 2016 ICS Consultation Document of which 18 were requested by the respondents to be kept confidential. Therefore, the comments that are posted here publicly are a subset of those that the IAIS will be taking into account as it moves forward with the ICS. The consultation tool for the 2016 ICS CD is now closed after remaining open for a brief period after the due date for comments and the IAIS will not be accepting any more submissions on the 2016 ICS CD. We thank all stakeholders and members who took the time to provide the many thoughtful comments on all aspects of the ICS.