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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.



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