Get up to speed on US engagement with the global Insurance Capital Standard (ICS) by attending the Insurance Risk & Capital Americas virtual conference next week.
The two-day event, taking place on 22 and 23 September, features three tracks covering the risk, investment, and environmental, social and governance (ESG) factors most impacting insurers.
Attendees will gain insights from an expert panel examining global capital standards with the discussion covering:
- The US stance on the global insurance rule
- Is a one-size fits all approach right?
- Reviewing the aggregation method and how will it work for the US?
- US cooperation with international standard setters
- How to promote cooperation among global regulators in the post-pandemic world?
The panel's speakers will include Halina von dem Hagen, global treasurer and head of capital management at Manulife; Mariana Gomez-Vock, vice president and associate general counsel at the American Council of Life Insurers; and Marty Hansen, senior managing director and head of regulatory policy, planning and strategy at AIG.
The International Association of Insurance Supervisors (IAIS) is attempting to bridge a divide between the US and the rest of the world in how the ICS measures capital adequacy.
In May, InsuranceERM reported the IAIS was moving to the next phase of its work on the ICS after a consultation on definitions of comparability ended with no changes.
The proposed standard takes a similar approach to Solvency II, but the US successfully argued its aggregation methodology (AM) – an approach tailored to US regulatory capital measures – should be judged on whether it produces comparable outcomes to the ICS.
The ICS is intended to be a globally comparable risk-based measure of capital adequacy for 48 internationally active insurance groups. Like the AM, it is still in development, but is due to come into effect in 2024.
You can register for the Americas virtual conference and view the agenda, by clicking HERE.