IAIS launches public consultation on criteria for comparability among the Aggregation Method (AM) and the Insurance Capital Standard (ICS)
As part of the work on the definition of a global minimum group capital requirement (ICS), in November 2019 the IAIS agreed on a process to assess whether the Aggregation Method (AM, currently being developed in the US) provides results comparable to the ICS.
Following the public consultation (November 2020) on the high-level principles (HLP) to be followed to assess such comparability, the IAIS developed more detailed criteria for each principle.
These criteria are the subject of this consultation.
Stakeholders are invited to express their opinion on the clarity, adequacy, sufficiency or over-restrictiveness of the criteria, in relation to the principle to which they refer.
In addition, the IAIS specifically requested input on (i) the definition of scenarios for the sensitivity analysis (see HLP 1) and (ii) considerations for determining the representativeness of the sample of non-life companies to be included in the comparison.
Following consideration of the comments, the IAIS will finalise the criteria to be approved by the Annual General Meeting (AGM) in November 2022 and then used for the comparability assessment (Q3 2023 - Q2 2024).
The consultation will close on 15 August 2022.
- Issue date
- 16 June 2022