A Stabilising Effect: The ICAS Framework In Action

It is two years since the Financial Services Authority ("FSA") has required insurance companies to calculate capital requirements under the Individual Capital Adequacy Standards ("ICAS") framework. The nonprescriptive nature of the regime means the industry is still getting to grips with producing capital assessments and best practice is continuing to emerge. Deloitte conducts a comprehensive ICAS survey of the life insurance industry on a regular basis. This survey gives valuable insights into how companies are approaching the new regulatory requirements and what they see as the key remaining challenges. With the European introduction of Solvency II planned in the next few years this is only the beginning of a journey for the UK Life Insurance Industry.