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In its response to an International Association of Insurance Supervisors (IAIS) consultation on the development of the ICS 2.0, Insurance Europe welcomed several improvements made to the ICS since the beginning of its development four years ago.
However, further significant refinements are needed. Given that the IAIS wishes to have the framework ready to begin the next stage — which is confidential reporting by insurers — by the end of 2019, those improvements are required even more urgently to ensure the results of the confidential reporting are meaningful. In fact, the more progress that can be made now, the more likely it is that the adoption of an implementable version of the ICS will be achievable.
Continuous dialogue and exchanges with the industry in the coming months will be key to allow these improvements to be discussed thoroughly, so that decisions are well-informed and flaws are minimised.