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INSURANCE CAPITAL STANDARDS (ICS)

FINALYSE EXPERTS CAN HELP YOU WITH COMPLYING WITH THE REGULATIONS AS WELL AS OPTIMISING YOUR ICS BALANCE SHEET
Designed to meet regulatory and strategic requirements of the Actuarial and Risk department

The ICS is being developed as a group-wide prescribed capital requirement (PCR) for Global Systemically Important Insurers (G-SIIs), which is a solvency control level above which the supervisor does not intervene on capital adequacy grounds. The ICS is not intended to replace existing arrangements or capital standards for legal entity supervision in any jurisdiction.

Finalyse offers you a comprehensive set of managed services and tailored solutions. Partner with Finalyse and let us take care of your compliance with ICS requirements.

How does Finalyse address your challenges?

ICS reporting support:

Perform the ICS calculations, technical assistance, support in submitting the ICS pack, support in responding to group-wide supervisor and monitor regulatory developments

Review of your ICS reporting pack:

Ensuring calculations are aligned to Level 1, 2, 3 specification documents, data validation checks and checking reasonableness of simplifications

Gap analysis:

Producing a gap analysis, detailing differences in the reported ICS figures to current ICS requirements and proposing a roadmap for implementation

Strategic support:

Strategic support in understanding the ICS figures for your business and including on the long-term business strategy

Impact assessment:

Quantitative support in understanding the ICS figures for your business and including on the long-term business strategy

Comparative assessment:

Quantitative support in understanding the ICS figures versus Solvency II and BMA figures

To get all your questions answered
Contact us

How does it work in practice?

The timeline below highlights key milestones in the IAIS’ workplan on the ICS development over the monitoring period:

ICS 2020 technical reporting releases

Key Features

  1. Finalyse offers extensive experience and expertise on both the asset and liability sides of the balance sheet, which provides the necessary scope of knowledge and skills to help determine the solution that is optimal for your business.
  2. Leverage on our experience in areas beyond financial reporting, such as actuarial models, IT systems including data management and storage capacities, risk management including ALM and hedging, product design, business strategies and remuneration.
  3. You can choose from a comprehensive set of managed services and tailored solutions to support you with various elements of ICS compliance, such as implementation of the key functions, performing and reviewing capital calculations, actuarial model development, risk management (including ALM and hedging), reporting.

Our subject matter experts

Francis Furey
Principal Consultant - Expert in Actuarial and Risk Modelling / Internal Models Approval and Validation

Francis is a Principal Consultant in charge of our Insurance practice in Dublin. He has 15 years of experience within the life and non-life (re)insurance industry as an actuary. His expertise covers the areas of financial reporting, prudential regulation and actuarial modelling. Francis has worked in both industry and consulting with extensive exposure to domestic and international clients and a keen eye on new regulatory developments.

Frans Kuys
Principal Consultant - Expert in Climate Change Risk Management for Insurers / Solvency II / IFRS 17 / ICS / IORP II / Market Risk / Strategic Asset Allocation / AXIS

Frans is an actuary and Financial Risk Manager with international experience in the pensions and insurance sectors. He has been specialising in climate change risk management, actuarial valuations (AXIS), financial reporting (IFRS17, IAS19), regulatory reporting (Solvency II, ICS, IORP II), market risk management (ALM, SAA) and investment consulting.

Bence Zaupper
Managing Consultant - Expert in BMA, Solvency II / ICS / Market Risk / Actuarial and Risk Modelling / Internal Models Approval and Validation / Risk Appetite

Bence is a senior actuary with 20+ years of experience in life actuarial science and reporting in Solvency II, IFRS, BMA EBS and ICS regulations. His focus has been on actuarial and risk modelling - including capital projections, market risk management and internal model validation – and ERM framework design. Bence delivers business transformation, reinsurance, new authorisation and M&A projects and is keen on applying machine learning and data analytics for actuarial use cases.