Public consultation on Insurance Capital Standard as a Prescribed Capital Requirement
Background information
The consultation closed on 21 September 2023.
The purpose of this public consultation was to solicit feedback from stakeholders on the global Insurance Capital Standard (ICS) ahead of its adoption as a group Prescribed Capital Requirement (PCR) for Internationally Active Insurance Groups (IAIGs) at year-end 2024. The consultation document presented the ICS as envisaged for implementation (“candidate ICS as a PCR”), subject to any further changes based on the resolution of comments from this public consultation and the outcome of the 2023 ICS data collection. This consultation also aimed to collect input from stakeholders to support the Economic Impact Assessment (EIA) of the ICS conducted by the IAIS.
On 21 September 2023, the public consultation on the Insurance Capital Standard as a Prescribed Capital Requirement closed. The IAIS reviewed and analysed the comments received, which were instrumental in finalising the ICS.
Following the consultation, the IAIS adopted the global Insurance Capital Standard (ICS) on 5 December at the IAIS Annual General Meeting.
The IAIS continues to work closely with its member jurisdictions to ensure a smooth transition to the ICS and provide necessary guidance and support throughout the implementation process.
Detailed information and supporting documents related to the ICS can be found on this page.