The IAIS started the public consultation on overall ComFrame including the Insurance Capital Standard (ICS) Version 2.0. ComFrame which consists of both quantitative and qualitative supervisory requirements tailored to the complexity and international scope of IAIGs.
Overall ComFrame
The IAIS is seeking feedback on the draft overall Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame) through public consultation.
Only ComFrame material is subject to public consultation. The ICP text is not subject to public consultation and is published only for information purposes as context for ComFrame material.
A comparison table is also provided for information, to enable respondents to better understand the changes made in the previous versions of particular parts of ComFrame material.
Feedback is invited by 30 October 2018 24:00 CET (Basel time). A public background session will be held via teleconference on 29 August 2018 to discuss the material published for consultation.
Full information
Public Consultation on Risk-based Global Insurance Capital Standard (ICS) Version 2.0
The purpose of this consultation document (CD) is to solicit feedback from stakeholders on the ICS ahead of the completion of ICS Version 2.0, scheduled for late-2019, before the monitoring period begins on 1 January 2020. This CD covers both issues related to the ICS Version 2.0 monitoring period and the technical aspects of the design and calibration of ICS Version 2.0.
This CD is the third IAIS consultation in a multi-year process to develop the ICS. The IAIS issued its first and second ICS consultation documents in December 2014 and July 2016, respectively. In addition, the IAIS has conducted three quantitative Field Testing exercises in the development of the ICS - in 2015, 2016 and 2017. Currently, the IAIS is conducting its fourth quantitative ICS Field Testing exercise, with data to be submitted in August 2018.
At the same time as this consultation on ICS Version 2.0, the IAIS is also consulting on the Common Framework for the Supervision of IAIGs (ComFrame). While ICS is part of the ComFrame, it was agreed by the Executive Committee of the IAIS in June 2017 that ICS Version 2.0 would be adopted as a stand-alone document in 2019. As such, there are two separate consultation documents.
Feedback is invited by 30 October 2018 24:00 CET (Basel time). A public background session will be held via teleconference on 29 August 2018 to discuss the material published for consultation
Full information
© IAIS - International Association of Insurance Supervisors
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