Public Consultation on ICP 14 (Valuation) and ICP 17 (Capital Adequacy)
The consultation closed on 21 September 2023.
Background information
The IAIS has published consultations on draft revised ICP 14 (Valuation) and ICP 17 (Capital Adequacy). ICP 14 establishes supervisory requirements for the valuation of asset and liabilities for solvency purposes. ICP 17 establishes regulatory capital resources and requirements.
ICP 14 and ICP 17 were not included in the ICPs revision of 2019, recognising that work was on-going on the Insurance Capital Standard (ICS). As part of the Abu Dhabi agreement, it was decided that these two revised ICPs along with their related terms in the IAIS Glossary, would be adopted by the end of the monitoring period (ie, by end-2024). Integration of ComFrame material into ICPs 14 and 17 is planned after the adoption of the ICS as a Prescribed Capital Requirement (PCR).
On 21 September 2023, the public consultation on ICP 14 (Validation) and ICP 17 (Capital Adequacy) closed. The IAIS is in the process of reviewing the comments received. All consultation questions were optional, allowing stakeholders to comment on all or a subset of questions. The consultation tool is now closed, and it is no longer possible to submit comments. For more information on the overall IAIS work on ICS click here.
A public background session was held via webinar on 29 June 2023 13:30 – 15:30 CEST to present the consultation documents (Draft revised ICP 14 and Draft revised ICP 17 and their related terms) and answer questions from stakeholders. During this webinar, the IAIS also presented the consultation on ICS as a PCR.
A recording session can be found here.