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Introduction (partial) "On 9 October 2013, the IAIS announced its plan to develop a risk-based global insurance capital standard (ICS) by 2016. This was in response to the FSB’s request that the IAIS produce a work plan to create “a comprehensive group-wide supervisory and regulatory framework for Internationally Active Insurance Groups.” In its statement of 18 July 2013 the FSB stated that “a sound capital and supervisory framework for the insurance sector more broadly is essential for supporting financial stability.” … This Consultation Document is the first step in a multi-year process to develop and finalise the ICS for Internationally Active Insurance Groups (IAIGs) and Global Systemically Important Insurers (G-SIIs). A separate consultation document on Higher Loss Absorbency (HLA) requirements for G-SIIs will be issued in 2015."

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