ICS: A (very) Quick Overview Presentation by Paolo

Transcript:ICS: A (very) Quick Overview Presentation by Paolo:
ICS: A (very) Quick Overview Presentation by Paolo Cadoni, Chair, CSFWG Asuncion, 10 November 2016 IAIS 23rd Annual Conference Major Projects Update Panel ICS – milestones a quick recap October 2013 announcement of beginning of ICS project December 2014 – First ICS Consultation Document February 2015 – very significant amount and volume of comments received from Members and Stakeholders May 2015 – field testing of ICS began with full calculation on MAV basis (2014 field testing focused only on valuation) May 2016 – field testing of ICS with full calculation on both MAV and GAAP+ basis July 2016 – Second ICS Consultation Document October 2016 – Comments received on 2nd ICS CD Looking forward July 2017 – ICS Version 1.0 2 ICS Consultation Document comments 236 Questions in the Consultation Document… We received… 76 submissions from: 15 insurance trade associations 32 insurance companies (of which 25 are from Field Testing volunteers) 8 actuarial associations, including the IAA 15 IAIS Members 6 Other (Academia, Professional Services, Chamber of Commerce) For a total of over 2,000 pages… The comments have been published on the IAIS website 3 Field Testing Increasing volunteers – up from 34 in 2015 to 41 in 2016 Volunteers with head offices in 16 countries in Europe, Asia, North America and Africa – approximately 30% of all global insurance premiums Confidential reporting (BCR+HLA) MAV scenarios and GAAP+ reconciliation ICS development – full ICS calculation on MAV and GAAP+ basis Insurance calibration (Health, Life, Non-Life) 4 Process Results of field testing analysis Key take aways from ICS CD comments Recommendations on way forward for ICS Version 1.0 Decisions on ICS Version 1.0 beginning in January Stakeholder meetings and telcos November 30 telco January 17 meeting in La Jolla, California, USA 5