On 23 June 2023 the International Association of Insurance Supervisors (IAIS) launched the fourth and final public consultation on the Insurance Capital Standard (ICS), prior to its planned adoption in December 2024.
After decades of development and three consultations, the ICS should be adopted as a prescribed capital requirement (PCR) for Internationally Active Insurance Groups (IAIGs).
The ICS will provide a consolidated and risk-based measure of capital adequacy for IAIGs.
The ICS shall be adopted by the competent supervisory authorities of various jurisdictions (GWS) as a binding requirement for IAIGs, and some States are already working to embed the ICS into their regulatory regimes.
The IAIS also held a public webinar on 29 June to provide further details on the public consultation and answer frequently asked questions.
The deadline for submitting comments on the consultation is Thursday 21 September 2023.