Date: October 19, 2016
Issue: Capital Standards; Insurance
To: International Association of Insurance Supervisors
Filing Type: Comment letter
Description: The Chamber made several recommendations aimed at making IAIS’ work more effective, including recommendations designed to make an insurance capital standard (ICS) complementary to and adaptable for multiple jurisdictions, to ensure that it promotes capital formation for economic growth. Accordingly, the Chamber urges IAIS to undertake careful deliberation, avoid completion of an ICS on any artificial timetable, and most importantly develop an ICS that is principle based, providing the necessary flexibility to accommodate different jurisdictions.