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19 March 2018

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Insurance Capital Standard will miss timetable: ABI’s Savill

Laura Board 6 March 2018

The new global capital framework for insurers is likely to be delayed beyond the planned late-2019 introduction date, according to the Association of British Insurers (ABI)'s director of regulation Hugh Savill.

The Switzerland-based International Association of Insurance Supervisors (IAIS) began consulting on the Insurance Capital Standard (ICS) over three years ago. In November its members agreed to a two-phase introduction after revised draft guidelines are released in 2019.

The process will begin with a five-year monitoring phase, which will be...

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This article was published as part of issue March 2018/1

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