Global Insurance Regulators Postpone Tougher Capital Standards
Monday, 06 29 2015, Category: Insurance and Reinsurance, Country: World
Global insurance regulators will take more time than previously planned to address industry concerns before applying tougher capital rules to some of the largest companies they oversee.
Capital rules for global insurers, known as the Insurance Capital Standard, or ICS, will be pushed back by about a year as regulators sift through a mass of feedback from the latest round of consultation with the industry.
“I think it’s a great relief on behalf of the industry because they always said this is probably over-ambitious,” Felix Hufeld, chairman of the executive committee of the International Association of Insurance Supervisors, said in a June 25 interview. “Our commitment to get this right is as strong as ever.”
Source: Insurance Journal