Comparability assessment
The comparability assessment project is an initiative that will ascertain whether the Aggregation Method (AM), being developed by the United States and other interested jurisdictions, provides comparable outcomes to the ICS. If deemed comparable, the AM will be considered an outcome equivalent approach for implementation of the ICS as a prescribed capital requirement. The IAIS aims to be in a position by the end of the five-year monitoring period to assess whether the AM provides comparable (ie substantially the same) outcomes to the ICS.
In November 2019, the IAIS agreed on a process and timeline for developing criteria to assess whether the AM provides comparable outcomes to the ICS. In March 2021, following public consultation, the IAIS agreed on a definition of comparable outcomes and six high-level principles (HLPs) to guide the development of the comparability criteria. The IAIS began developing the draft comparability criteria in April 2021. Detailed criteria were developed for each HLP and released for public consultation in June 2022. The IAIS agreed on the final criteria in March 2023 through a robust and transparent process. The comparability assessment is scheduled to begin in Q3 2023. Documents related to the comparability assessment are included below.
The Aggregation Method data collection
The IAIS has agreed to collect data from interested jurisdictions to aid in the development of the AM. The AM data collection is separate from ICS Confidential Reporting and is open to US-based Volunteer Groups and any other jurisdiction/Volunteer Group at the option of the group-wide supervisor. The documents supporting the data collection in the most recent year is available below. All documents related to previous years can be accessed here.