Recommend Us | About Us | Back to

News | Financial Calculator | Home Financing | Archived News |


  Welcome to Bernama Banking & Finance Special Page     
IAIS Announces Unified Path To Convergence On ICS Version 2.0
Last update: 03/11/2017

KUALA LUMPUR, Nov 3 (Bernama) -- The International Association of Insurance Supervisors (IAIS) today announced a unified path to convergence of group capital standards in furtherance of its ultimate goal of a single Insurance Capital Standard (ICS)†that achieves comparable outcomes across jurisdictions.

In a statement, the IAIS†said the†pivotal Kuala Lumpur Agreement responds to a call from members and stakeholders for more clarity on what the implementation of ICS†Version 2.0 would mean in practice.

The IAIS has agreed that the†implementation of ICS Version 2.0 would†be conducted in two phases - a five-year monitoring phase followed by an implementation phase.

It said the implementation of ICS Version 2.0 would have two equally important components, namely, mandatory confidential reporting by all†Internationally Active Insurance Groups of a reference ICS and†additional reporting.

Vicky Saporta, Chair of the IAIS Executive Committee, said by reaching this agreement, the IAIS†would achieve its aim of creating a common language for supervisory discussions of group solvency.

"We have reflected the priorities of our members and made significant progress towards our ultimate goal," Saporta added.



BNM, Banks Have Adequate Shariah Experts
RHB Islamic To Provide e-solutions To PBT Pengerang

AIBIM Wants Govt To Channel Incentives For SMEs Via Islamic Banks

Takaful Malaysia, AmBank Islamic Ink Bancatakaful Partnership
Motorists Pay Lower Motor Insurance Premium After Liberalisation

Life Insurance Companies Announce Flood Relief Measures

MON, DEC 11, 2017
US 4.0850/0880
S'pore 3.0188/0230
100 Yen 3.5941/5976
Sterling 5.4694/4746
Euro 4.8089/8128
Source: Bank Negara Malaysia

Starting April the banks have imposed a 50 sen processing fee on top of the 15 sen stamp duty on each cheque. The fee also applies to those applying for a Bankerís Cheque, Bank Draft and Cashierís Order. Do you think this additional charge is justified?

  Main | News | Insurance

© 2017 BERNAMA. All Rights Reserved. Disclaimer | Privacy Policy| Security Policy
This material may not be published, broadcast, rewritten or redistributed in any form except with the prior written permission of BERNAMA.
Best viewed in Firefox 8.0 & Internet Explorer 8.0 with 1024 x 768 resolution