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Following the International Association of Insurance Supervisors' (IAIS) July 2013 announcement that it considers a sound capital and supervisory framework for the insurance sector essential for supporting financial stability and protecting policyholders, the IAIS in October 2013 announced its plan to develop the ICS by 2016. The ICS will be developed to apply to internationally active insurance groups (IAIGs) as part of the IAIS’ common framework for the supervision of IAIGs, or ComFrame.
The purpose of this Consultation Document is to solicit feedback from stakeholders on the proposed ICS. This includes feedback on valuation, qualifying capital resources, an example of a standard method for determining the ICS capital requirement, as well as exploration of potential other methods for determining the ICS capital requirement. It contains more than 160 specific questions the feedback from which, in addition to the Principles for ICS Development, will guide the IAIS as it continues to develop the ICS.
Feedback on this Consultation Document is invited by 16 February 2015.