The IAIS Global Frameworks for Supervision of IAIGs Including ComFrame, ICS 2.0 and the Holistic Fra

The IAIS Global Frameworks for Supervision of IAIGs Including ComFrame, ICS 2.0 and the Holistic Fra

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In November 2019, the International Association of Insurance Supervisors adopted a Global Framework for the Supervision of Internationally Active Insurance Groups (IAIGs). This includes revisions to ComFrame including the Insurance Core Principles (ICPs), ICS 2.0 and the Holistic Framework for mitigation of Systemic Risk. While ICS 2.0 will generally be applicable to IAIGs and will be monitored by supervisors rather than reported for a five year testing period, the Japanese Financial Services Agency since 2017 has required all Japanese insurers to calculate required and available capital, and then publishes aggregate results. In the United States, due to its volatility and its effect on products that dominate the US market, the IAIS Market Value based approach to ICS has effectively been rejected by US insurance regulators who are developing their own Aggregation Method, a standard which is being designed and calibrated to be “outcome-equivalent” for ICS. This paper and presentation will present the current developments in the supervision of IAIGs noted above and their effects on the protection of policyholders and on the mitigation of systemic risk to the global financial system.

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