The International Association of Insurance Supervisors (IAIS) issued a paper that outlines its work plan and timetable for the development of international supervisory standards on insurance solvency assessment. The ‘roadmap paper’ outlines the deliverables needed for the future development of shared standards for the assessment of insurer solvency and timeframes for their delivery. A first step is to improve substantially the transparency of the existing solvency regimes and of the financial condition of individual insurers. A next step is to work towards convergence of the solvency regimes. The paper proposes a timetable until the end of 2006, with some overflow into 2007.
Currently the IAIS is developing “The IAIS common structure for the assessment of insurer solvency”. The paper is expected to be completed later this year and will be followed by further standards and possibly guidance papers in four main areas of solvency assessment:
the determination of insurance liabilities and technical provisions;
the determination of capital requirements;
the suitability and valuation of assets;
and the recognition and valuation of forms of capital.
Press release
Roadmap paper
© IAIS - International Association of Insurance Supervisors
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