International group sets stage for ICS implementation

The IAIS will begin developing an ICS execution evaluation methodology in 2025.

The International Association of Insurance Supervisors (IAIS) has released the 2024 ICS data collection package, marking the final year of its monitoring period and setting the stage for upcoming implementation plans. 

“Ahead of the ICS’s planned adoption at the end of the year, we are pleased to publish the 2024 ICS technical specifications,” said Shigeru Ariizumi, IAIS Executive Committee Chair in a media release

“Comments received in response to the 2023 public consultation helped enhance the ICS design, which is now almost ready for adoption. This has enabled us to increase our focus on supporting the comprehensive and consistent implementation of the ICS by jurisdictions.” Ariizumi added.

These specifications aim to support consistent adoption across jurisdictions, forming a crucial component of the Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame). 

As the December adoption deadline approaches, IAIS members are already integrating the ICS into their regulatory frameworks. 

Looking ahead, IAIS outlined timelines for assessing global implementation, with initial self-assessments planned for 2026 and targeted jurisdictional assessments in 2027. 

The IAIS will develop detailed methodologies to guide these assessments, ensuring a comprehensive review of ICS adoption worldwide.