ABAC submitted its comments on the IAIS risk-based Global Insurance Capital Standards (ICS) consultation, January 30, 2015

The APEC Business Advisory Council (ABAC) submitted its comments to the International Association of Insurance Supervisors (IAIS) on the consultation paper on the risk-based global insurance capital standards (ICS).

ABAC website
IAIS website

As the private sector dialogue partner of the Asia-Pacific Economic Cooperation (APEC) Forum, the ABAC is charged with providing private sector perspectives to policy makers and stakeholders from the Asia-Pacific region, and to facilitate APEC initiatives. In forming its views on financial issues, ABAC draws on insights from a broad range of industry, public sector, multilateral and academic experts, particularly through the platform of the APFF, which ABAC initiated in 2012 and APEC Finance Ministers adopted in 2013 as one of their official policy initiatives managed by ABAC.

The topics covered in these ABAC comments are:
– ICS Principles
– Risks accross the sectors
– Market-adjusted approach and treatment of long-term business
– Yield curve/discount rate
– Comparability
– GAAP with adjustment approach
– Other general remarks

ABAC will be pleased to collaborate with experts in the APFF’s Insurance and Retirement Income Work Stream in further developing ideas on ways to accommodate the various points to be raised by our comments.

ABAC comments on the IAIS risk-based Global Insurance Capital Standards consultation

Risk based Global Insurance Capital Standard Consultation Document

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