RAB response to IAIS consultation on ICS as Prescribed Capital Requirement : position paper

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<title>RAB response to IAIS consultation on ICS as Prescribed Capital Requirement</title>
<subTitle>: position paper</subTitle>
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<namePart>Reinsurance Advisory Board</namePart>
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<dateIssued>2023</dateIssued>
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<abstract displayLabel="Summary">Insurance Europe's Reinsurance Advisory Board (RAB) 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 RAB supports the initial objective of the ICS project to create a high-quality and robust global insurance standard that promotes a sound and level global regulatory playing field</abstract>
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