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IAIS Issues Second Consultation on Global Insurance Capital Standard
4 August 2016
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On July 19, 2016, the International Association of Insurance Supervisors (“IAIS”) published its second public consultation document (the “ICS 1.0 Consultation”) on a group-wide consolidated risk-based Insurance Capital Standard for internationally active insurance groups, and on July 27, 2016, the IAIS held a public background call on the ICS 1.0 Consultation.
The ICS 1.0 Consultation invites stakeholders to provide feedback on 235 questions by October 19, 2016.
The ICS 1.0 Consultation focuses on technical issues, leaving strategic and implementation issues for the public consultation scheduled for release in 2018.
The publication of the ICS 1.0 Consultation indicates the IAIS intends to adhere to its announced timetable of finalizing the ICS for effectiveness in 2019, even though significant outstanding issues remain.
The IAIS also continues to give serious consideration to a market-adjusted valuation approach, although U.S. stakeholders have a preference for the alternative, GAAP with adjustments, approach.
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