5 Dec 2024 in Latest news, Press releases

IAIS adopts Insurance Capital Standard and other enhancements to its global standards to promote a resilient insurance sector

At its AGM today, the IAIS adopted the first comprehensive global capital standard for insurance supervision, the ICS, and also adopted important updates to existing qualitative global standards for insurance supervision, the ICPs and ComFrame, related to climate risk, recovery and resolution, and valuation and capital adequacy.

5 Dec 2024 in Other supervisory notes and reports

ICS economic impact assessment report

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.