Thursday, 6 October 2011

IAIS - Revised Insurance Core Principles

Only an optimist would think that, at 400 pages, the revised ICP document is a light read, but it has been approved after the IAIS meeting in Seoul (press release here). May be worth a quick cross-cast against Solvency II CEIOPS/EIOPA advice in the ERM, Capital Adequacy and Internal Model-related sections, but as these borrowed heavily on Solvency II at outset, the final revision is not likely to contradict.

In addition, the latest IAIS Annual Report and Accounts has also been published - some good commentary within this around the purpose and scope of the ICPs and ComFrame. The latter perhaps has more significance for anyone in the UK, on the basis that the FSA are citing groups as one of the reasons for extending the go-live date and IMAP approval process.

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