Response to IAIS consultation on Insurance Capital Standard as a Prescribed Capital Requirement

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<title>Response to IAIS consultation on Insurance Capital Standard as a Prescribed Capital Requirement</title>
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<namePart>Insurance Europe</namePart>
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<namePart>IAIS</namePart>
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<publisher>Insurance Europe</publisher>
<dateIssued>2023</dateIssued>
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<abstract displayLabel="Summary">Insurance Europe welcomes the opportunity to provide comments to the International Association of Insurance Supervisors (IAIS) on the Insurance Capital Standard (ICS) as a Prescribed Capital Requirement (PCR). The ICS project is of particular relevance to, and has an impact on, the European industry (EU member states, Switzerland and the UK) given that 28 out of 52 internationally active insurance groups (IAIGs) worldwide (ie, the majority) are European and that European (re)insurers are active globally. The objective of the ICS has evolved over time to now only provide what the IAIS calls a minimum standard to be achieved through various methodologies, using the ICS as a reference or the Aggregation Method (AM) as an outcome equivalent. In that sense, the achievability of the initial objective is significantly put into question by the evolution of the nature of the ICS project.</abstract>
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