At its AGM today, the IAIS adopted the first comprehensive global capital standard for insurance supervision, the ICS, and also adopted important updates to existing qualitative global standards for insurance supervision, the ICPs and ComFrame, related to climate risk, recovery and resolution, and valuation and capital adequacy.
The ICS Economic Impact Assessment report, conducted ahead of the actual implementation of the ICS as a Prescribed Capital Requirement for IAIGs, is qualitative and delves into potential effects of the implementation of the ICS across jurisdictions, evaluating impacts on insurance products, investment policies, capital, and business models, assuming consistent implementation of ICS specifications.
This document offers comprehensive responses to public comments received during the 2023 public consultation on the ICS.
The ICS calibration document provides explanations on the calculation of the different ICS risk charges and their aggregation. Detailed information is made available for all risk modules within Insurance risks, Market risks, Credit risk and Operational risk, as well as for correlation matrices used for aggregating risk charges.
The ICS provides a globally comparable risk-based measure of capital adequacy specifically tailored to internationally active insurance groups and forms the quantitative element of ComFrame. The specifics of the ICS have been adopted in two documents, the Level 1 document, setting out the overarching principles and concepts of the ICS, and the Level 2 document providing detailed specifications.
The IAIS Executive Committee has approved the final version of the global Insurance Capital Standard (ICS) as a prescribed capital requirement for internationally active insurance groups (IAIGs). The IAIS Executive Committee has also finalised the comparability assessment of the United States (US)-developed Aggregation Method (AM), concluding that a US AM provides a basis for implementation […]
This document provides answers to frequently asked questions about the ICS and the Report on Aggregation Method comparability assessment as of November 2024.
