The International Association of Insurance Supervisors (IAIS) published an update on its key decisions and forward work programme, centred on the adoption of the final Insurance Capital Standard (ICS) as a prescribed capital requirement for internationally active insurance groups and a pivot from standard setting to supporting implementation under its Roadmap 2025-2026 and Strategic Plan 2025-2029. The ICS was adopted at the IAIS Annual General Meeting in Cape Town, with the Level 1 and Level 2 texts and supporting documents including a calibration document, an economic impact assessment report and a response to stakeholder comments. In parallel, the IAIS concluded that the United States Aggregation Method provides a basis for implementing the ICS to produce comparable outcomes, while identifying areas where further work on the final US approach will be needed to support convergence. The Roadmap sets out projects for 2025-2026 including implementation support for the ICS and development of an ICS implementation assessment methodology, new Common Framework (ComFrame) standards linked to the ICS (supervisory reporting and public disclosure), enhanced Global Monitoring Exercise and Global Insurance Market Report work, and supervisory guidance across themes including climate risk, artificial intelligence, operational resilience, fair treatment of consumers and financial inclusion. For implementation assessment, the IAIS will coordinate a baseline self-assessment of ICS implementation in 2026 and aims to begin in-depth targeted jurisdictional assessments in 2027. The IAIS also highlighted ongoing consultations, including on a draft Application Paper on supervision of artificial intelligence (comments due by 17 February 2025) and on ancillary risk indicators in the Global Monitoring Exercise (comments due by 3 February 2025).

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