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8 French (re)insurers decide against application of ICS during 5-year monitoring period

Written by Adam Cadle
11/02/2020

Eight French (re)insurers have decided not to apply the International Capital Standard (ICS) during the five-year monitoring period preceding its implementation.

According to L’Argus de l’assurance, Axa, Scor, Groupama, Covéa, BNP Paribas Cardif, Crédit Agricole Assurances, Sogecap and CNP believe that the Abu Dhabi agreement signed on 14 November, where IAIS members originally proposed the monitoring period for the ICS version 2.0, does not present “sufficient guarantees” as to the establishment of a “level playing field” between different jurisdictions.

The so-called monitoring phase is to allow the comparison of the ICS with other international standards of existing or developing capital.

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