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 June 2022, the IAIS launched a public consultation on the draft criteria that will be used to assess whether the Aggregation Method provides comparable outcomes to the Insurance Capital Standard. For more information, visit the consultation page. In response to stakeholder comments on the draft criteria, the IAIS has decided to provide additional opportunity for stakeholder engagement on the development of scenarios that will be used to inform the assessment. These engagements will begin in October 2022.
In light of the importance of taking into account the design of these scenarios in finalising the comparability criteria, the IAIS has decided to extend the period for the design of the scenarios and move consideration of the final criteria from November 2022 to March 2023, where both can be considered together. This change in timeline will help strengthen alignment between the criteria and the design of the scenarios; however, it will not impact the timing of the actual AM comparability assessment, which is scheduled to begin in the second half of 2023. Read here for more information.
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.