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ARTICLE · 06 MAY 2014

Global Corporate Insurance And Regulatory Bulletin - First Quarter 2014

Mayer Brown
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As reported in our prior bulletins, on 18 July 2013 the International Association of Insurance Supervisors published a methodology for identifying global systemically important insurers together with a set of policy measures that will apply to such insurers.

GlobalInsurance
David Alberts
David Alberts
Lawrence Hamilton
Lawrence Hamilton
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Vikram Sidhu
Vikram Sidhu
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Keywords: insurance, reinsurance,

Global

RESPONSES TO IAIS CONSULTATION ON BASIC CAPITAL REQUIREMENTS FOR GLOBAL SYSTEMICALLY IMPORTANT INSURERS

As reported in our prior bulletins, on 18 July 2013 the International Association of Insurance Supervisors ("IAIS") published a methodology for identifying global systemically important insurers ("GSIIs") together with a set of policy measures that will apply to such insurers. In December 2013 the IAIS launched a consultation on basic capital requirements ("BCR") for GSIIs.

On 6 February 2014, the IAIS published a compilation of responses, dated 5 February 2014, received in respect of its consultation. Among the key issues that commentators addressed were: (1) the extent to which insurers will have to publicly disclose their BCR; (2) potential conflicts between BCR and Solvency II; (3) the legitimacy of a market-consistent approach to asset valuation; and (4) the capital classifications that will satisfy BCR

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