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ARTICLE · 31 DECEMBER 2013

Group-Wide Global Insurance Capital Standards First Step - Basic Capital Mandate For G-SIIs

Duane Morris LLP
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As the first step in the development of group-wide global insurance capital standards, the International Association of Insurance Supervisors (IAIS) released for public consultation its proposal on basic capital requirements (BCR) for global systemically important insurers (G-SIIs) on December 16, 2013.

United StatesInsurance
Duane Morris
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Introduction

As the first step in the development of group-wide global insurance capital standards, the International Association of Insurance Supervisors (IAIS) released for public consultation its proposal on basic capital requirements (BCR) for global systemically important insurers (G-SIIs) on December 16, 2013. As announced jointly by the Financial Stability Board (FSB) and the IAIS on July 18, 2013, BCR will be developed and provide a foundation for the higher loss absorption /absorbency (HLA) requirements for G-SIIs. HLA requirements are scheduled to be completed by the end of 2015. Public comments on the proposed BCR are due February 3, 2014. A copy of the proposal can be found at www.iaisweb.org.

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