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IAIS to develop global insurance capital standards by 2016

The International Association of Insurance Supervisors (IAIS) has announced its plan to develop a risk based global insurance capital standard (ICS) by 2016.  Full implementation will begin in 2019 after two years of testing and refinement with supervisors and internationally active insurance groups (IAIGs).

The IAIS has also published the following documents:

  • a factsheet, which includes a table outlining timelines;
  • an updated set of frequently asked questions on comprehensive framework for the supervision of IAIGs (ComFrame);
  • an updated set of frequently asked questions on G-SII and macroprudential policy and
  • surveillance.

The IAIS intends to engage in public consultations on ComFrame, the ICS and the backstop capital requirements prior to their adoption.

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