Public Consultation on Insurance Capital Standard as a Prescribed Capital Requirement

The consultation closed on 21 September 2023.

Background information

The purpose of this public consultation is 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 presents the ICS as envisaged for implementation (“candidate ICS as a PCR”), subject to any further changes which may be decided upon based on the resolution of comments from this public consultation and the outcome of the 2023 ICS data collection.

This consultation also aims at collecting input from stakeholders to support the Economic Impact Assessment (EIA) of the ICS that will be conducted by the IAIS.

On 21 September 2023, the public consultation on Insurance Capital Standard as a Prescribed Capital Requirement 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.

A public background session webinar was held on 29 June 2023 13:30 – 15:30 CEST to present the ICS as a PCR and answer any questions from stakeholders. A recording session can be found here.