Global Federation of Insurance Associations commends the efforts of the IAIS

GFIA endorses the revisions made to draft ICPs 14 and 17.

The Global Federation of Insurance Associations (GFIA) commended the International Association of Insurance Supervisors (IAIS) consultations regarding the Insurance Capital Standard (ICS).

The ICS, as a Prescribed Capital Requirement (PCR), and the Insurance Core Principles 14 (valuation) and 17 (capital adequacy), GFIA appreciates the IAIS's extensive work over the past decade that led to these consultations.

In general, GFIA endorses the revisions made to draft ICPs 14 and 17, as they improve the clarity of the texts.

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GFIA acknowledges the IAIS's dedication and the challenges faced in aligning the perspectives of multiple jurisdictions to establish a comprehensive global standard and implement it.

GFIA supports the inclusion of internal models in the ICS and urges the IAIS not to introduce any provisions that could undermine its core principles