The ICS is "not fit for use in the British market", the ABI has said.
Commenting on the release of version 1.0 of the global insurance capital standard by the IAIS, ABI director of regulation Hugh Savill said “it makes no allowance for internal models, despite firms spending substantial time and money developing them for Solvency II"
Aviva is to sell its international business it bought as part of the £5bn takeover of Friends Life in 2014
AIG Europe has received approval from the Prudential Regulation Authority for the use of its partial internal model to calculate the group SCR under the EU's Solvency II Directive
The amount of regulation in the insurance industry risks throttling insurance as a source of capital, a number of panelists at a recent Insurance Asset Management Europe roundtable concluded
Twenty-one out of 40 of OECD reporting countries insurers experienced an increase in direct gross premiums written in real terms in 2016, irrespective of whether they engage in life or non-life insurance activities
The International Association of Insurance Supervisors has today announced the release of ICS Version 1.0 for extended field testing involving 50 insurance groups