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IAIS urged to take time to design ICS properly

Insurance Europe has responded to an International Association of Insurance Supervisors (IAIS) consultation on the international insurance capital standard (ICS) that it is developing. In its response, Insurance Europe raised concerns over the IAIS's ambitious timelines for developing the ICS.

Insurance Europe stressed that the IAIS should give itself enough time to design and test measures that are fit-for-purpose, take into account the wide variation in product design, risks and risk mitigation across the global insurance industry, and which do not result in unintended consequences.

Published 17 February 2015
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