International developments dominate regulatory change | KPMG | PH

International developments dominate regulatory change

International developments dominate regulatory change

R.G. Manabat & Co.

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Global Insurance Capital Standard

The IAIS released a set of high-level principles in September 2014 to beused to guide the development of the global ICS. These were consulted on in December 2014, with only minor revisions made in 2015, following feedback received.

The IAIS consultation document 1 onits first draft proposal of the ICS in December 2014 generated over 1,500 pages of comments. The IAIS has provided its feedback on a piecemeal basis, with updateson June 2, October 3 and November 2015 on key components. While some decisions have been taken, it is evident that further refinement will be made, dependent on the results of current and future field testing. For ICS purposes, all GSIIs are considered to be IAIGs.

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