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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

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.

What Finalyse experts say

30 Nov, 2020
IAIS Insurance Capital Standard: the road travelled so far and what is next?

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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