Insurance Capital Standard
The Insurance Capital Standard (ICS) is being developed as a consolidated group-wide capital standard for IAIGs. It consists of three components: valuation, qualifying capital resources, and a standard method for the ICS capital requirement. The ICS will be the quantitative component of ComFrame.
The purpose of the ICS is to create a common language for supervisory discussions of group solvency to enhance global convergence among group capital standards. ICS Version 2.0 for the monitoring period was agreed by the IAIS Executive Committee in November 2019. The five-year monitoring period is for confidential reporting and discussion in supervisory colleges from the beginning of 2020. During the monitoring period, ICS results will not be used as a basis for triggering supervisory action. Following the end of the monitoring period, the ICS will be implemented as a group-wide prescribed capital requirement.
The documents supporting ICS confidential reporting during the monitoring period can be accessed here.
Recent and upcoming events
- June 2024 – IAIS public webinar on ICS
ICS Explained
In this video series, we aim to enhance understanding of the key features of the ICS – the global group capital standard for IAIGs – and raise awareness of its benefits for both supervisors, insurance groups and policyholders. We highlight how the ICS promotes consistency, comparability and stability in the global insurance market.
The case for a global ICS
Five million data points – the making of the ICS
After ICS adoption – 2025 onwards
Whether you are an insurance professional, a supervisor or policymaker, or someone with a keen interest in the industry, this series of three 5-minute videos will provide valuable insights into the world of international insurance regulation. Join us on this journey as we uncover the key aspects and implications of the ICS.