This explanatory note on the high-level principles (HLPs) for the ICS implementation assessment methodology aims to provide further context to the foundational elements that will guide the consistent implementation of the Insurance Capital Standard (ICS) across jurisdictions.
The high-level principles (HLPs) for the ICS implementation assessment methodology are a critical step in advancing the ICS from adoption to effective implementation. The HLPs and the associated explanatory text are meant to guide the development of the ICS implementation assessment methodology and may also be considered when finalising the ICS self assessment questionnaire.
This document contains examples and explanatory text aimed to facilitate the understanding and implementation of the Insurance Capital Standard (ICS). Its content originates from the 2024 ICS data collection technical specifications, and should be read in conjunction with the ICS Level 1 and Level 2 texts. To facilitate that joint reading, the numbering of sections and subsections of this document follows the same structure as the ICS Level 1 and Level 2 texts.
The IAIS has published its detailed assessment of regulation and supervision of the insurance sector in the Sultanate of Oman through its Member Assessment Programme (MAP).
The MAP Oman report is a detailed assessment of regulation and supervision of the insurance sector in the Sultanate of Oman. The report contains the details of the assessment of the observance levels of the ICPs as well as distinct recommendations to improve observance levels of ICPs. It also includes the authority’s response to the assessment as well as an institutional and market overview.
The paper provides practical guidance to supervisors who are intending to transition to a risk-based solvency (RBS) regime.
The paper provides practical guidance to supervisors who are intending to transition to a risk-based solvency (RBS) regime.
On 26 June the IAIS will present insights from the Guidance on transitioning to an RBS regime, developed by the Risk-based Solvency Implementation Forum (RBSIF), which provides practical guidance to supervisors who are intending to transition to an RBS regime.
This note drafted by staff from the IAIS, BIS Financial Stability Institute (FSI) and the Swiss Financial Market Supervisory Authority (FINMA) examines how reinsurers’ pricing and underwriting practices may affect affordability and availability of coverage for NatCat events.
The ICS Economic Impact Assessment report, conducted ahead of the actual implementation of the ICS as a Prescribed Capital Requirement for IAIGs, is qualitative and delves into potential effects of the implementation of the ICS across jurisdictions, evaluating impacts on insurance products, investment policies, capital, and business models, assuming consistent implementation of ICS specifications.
