PublicWork Plan and Timeline 2020-24
The following work plan and timeline covers key milestones for the 2020 to 2024 period,
focusing on two important aspects of the work: Insurance Capital Standard (ICS) monitoring
and the comparability assessment for the Aggregation Method (AM).
As part of ICS monitoring, there will be annual confidential reporting of the reference ICS (andadditional reporting, at the option of the group-wide supervisor). The annual cycle during themonitoring period will be very similar to the process followed during field testing withconfidential reporting launched annually in mid-Quarter 2 and data due in late Quarter 3.
Supervisory college discussions should begin after group-wide supervisors (GWSs) and theIAIS have had an opportunity to review the data submission, but in time to be considered in
the annual process ahead of the next year of confidential reporting. As part of the annual ICS
monitoring, the IAIS will discuss:••

the results of the analysis and feedback received on the reference ICS; andthe additional reporting (ie GAAP Plus and other methods of calculation of the ICS
capital requirement, including internal models, relative to the reference ICS).

In support of the work on comparability assessment, there will be an annual AM datacollection. The timing of this data collection will be similar to that for the ICS confidential
reporting.
The IAIS will also have regular review points to monitor participation by Internationally Active
Insurance Groups (IAIGs) in the monitoring period.
In addition to this, there will be specific activities related to:•Public consultation on the ICS as a prescribed capital requirement (PCR) including
consultation on GAAP Plus, criteria for other methods of calculation of the ICS capitalrequirement and treatment of NAIC Designations (as part of standard method or othermethods)•An economic impact assessment on ICS prior to it being adopted as a PCR•

Public consultations on the definition, high-level principles and criteria to assess
whether an AM provides comparable outcomes to the ICS•

An assessment of whether the AM provides comparable outcomes to the ICS.

Key milestones with respect to these activities and other relevant milestones during the 2020
to 2024 period are outlined below:

PublicWork Plan and Timeline 2020-24
14 November 2019

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DateICS Monitoring

2020, Q1

January: Updated Declaration of Based on the high level definition andConsent to be signed by all IAIGs overarching approach, the IAIS
participating in the monitoring period continues discussions on developing
the high level principles to inform theIAIS sends a letter on participation in
criteria that will be used to assess
the monitoring period to GWSs,
whether an AM provides comparable
asking them to convey the message
outcomes to the ICS
to their IAIG(s) in an appropriate form
Review point for IAIG participation
Review point for IAIG participation

2020, Q3Early-July: IAIS publishes register of Early-July: Issue a consultation onIAIGs that have been publicly the draft definition of comparable
disclosed by GWSs
outcomesandthehigh-level
principles to inform the criteria that will
be used to assess whether an AM
provides comparable outcomes to theICS

2021, Q1

Review point for IAIG participation

2021, Q4

2022, Q1

Comparability Assessment

Review point for IAIG participation
Issue a consultation on draft criteria toassess whether an AM provides
comparable outcomes to the ICS

Review point for IAIG participation

2022, Q4

Review point for IAIG participation
Adoption at the AGM of the definition,high level principles and criteria toassess whether an AM provides
comparable outcomes to the ICS.

2023, Q1

Review point for IAIG participation

2023, Q3

Issue a consultation package on ICS Assessment of whether the AM
as a PCR, including consultation on provides comparable outcomes to theGAAP Plus, criteria for other methods ICS begins
of calculation of the ICS capitalrequirement and treatment of NAIC
Designations (as part of standard
method or other methods)

Review point for IAIG participation

Economic impact assessment begins
2024, Q1

Review point for IAIG participation

Review point for IAIG participation

2024, Q2

Economic impact assessment ends

Assessment of whether the AM
provides comparable outcomes to theICS ends

2024, Q3

Decision on ICS as a PCR, including Decision on whether the AM provides
decisions on the inclusion of GAAP comparable outcomes to the ICS
Plus and other methods of calculation

PublicWork Plan and Timeline 2020-24
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Date

ICS Monitoring

Comparability Assessmentof the ICS capital requirement in theICS and the treatment of NAIC
Designations (as part of the standard
method or other methods)

Publication of a report on the outcomeof the assessment of whether the AM
provides comparable outcomes to theICS

Publication of a report on the outcomeof the economic impact assessment.
2024, Q4

Adoption of ICS as a PCR

PublicWork Plan and Timeline 2020-24
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