Status: Will be live at 10/20/2016 00:00
IIF/GA submission on the Insurance Capital Standard 1.0
Thursday, October 20, 2016
The IIF, in cooperation with the Geneva Association, has submitted comments to the IAIS on its consultation of the Risk-based Insurance Capital Standard 1.0. In the letter, IIF/GA members write that the IAIS should take a sequential approach in the development of the ICS, as a number of fundamental and technical issues remain to be dealt with. These include:
- Promoting consistency with regional circumstances and capital regimes
- Improving the compatibility between the ICS and other elements of the ComFrame program
- Building the ICS on a valuation framework that, through a coherent treatment of assets and liabilities, is tailored to the insurance business model. This should lead to more stable and comparable valuation outcomes across jurisdictions.