ComFrame field testing, capital requirements and change dominated discussions at this year’s annual meeting, held in Chinese Taipei, for the International Association of Insurance Supervisors, according to a new report from Deloitte. This was the first IAIS meeting since the organization designated nine insurance groups as global systemically important insurers (G-SIIs).
According to Deloitte, backstop capital requirements (BCR) will be included in the first phase of group capital requirements to be imposed on G-SIIs. BCRs will lead into higher loss absorbency (HLA) requirements by 2019. But before that, in 2016, the IAIS expects to have developed risk-based insurance capital standards (ICS), which will be implemented by 2019.
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