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Nematrian Reference Library

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Purpose "The purpose of this Consultation Document is to solicit feedback regarding proposed options for the development of global Basic Capital Requirements (BCR) for Global Systemically Important Insurers (G-SIIs). These requirements are expected to apply to G-SIIs from 2015 or shortly thereafter. The development of the BCR is the first step of an International Association of Insurance Supervisors’ (IAIS) project to develop group-wide global capital standards. The second step is the development of Higher Loss Absorbency (HLA) requirements to apply to G-SIIs, due to be completed by the end of 2015. The HLA will build on the BCR and address additional capital requirements for G-SIIs reflecting their systemic importance in the international financial system. The third step is the development of a risk-based group-wide global insurance capital standard (ICS), due to be completed by the end of 2016, and to be applied to IAIGs (as defined using the Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame) criteria) from 2019 after refinement and final calibration in 2017 and 2018. The development of the ICS will be informed by the work on the BCR. Feedback on this Consultation Document will inform the field testing process the IAIS will conduct in the second quarter of 2014 and the subsequent analysis which will support the design and development of the BCR."

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