Established in 1994, the International Association of Insurance Supervisors (IAIS) is a voluntary membership organisation comprising insurance regulatory authorities, central banks, ministries of finance, and other insurance-related international organisations from over 200 jurisdictions, which collectively represent 97% of global insurance premiums.
The IAIS is responsible for setting international insurance regulatory standards. To this end, it adopts three tiers of regulatory standards: Insurance Core Principles (ICPs), the Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame), and policy measures for global systemically important insurers (G-SIIs).
The Insurance Capital Standard (ICS) is the quantitative component of ComFrame. In similar fashion to existing insurance regulatory regimes, the ICS acts as the IAIS’ prescribed capital requirement (PCR), a solvency control level below which participating supervisors should intervene in the running of insurers on capital adequacy grounds.
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