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.
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
This article focuses on giving an overview of the Insurance Capital Standard (ICS), a capital framework which has been developed by International Association of Insurance Supervisors (“IAIS”). The ICS is being developed as a group-wide prescribed capital requirement (PCR), 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.
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