Webinar: Insurance Capital Standards (ICS) – Not another one??

Event Type
Web session
Select event format
Virtual event
Members Only Event
You must be a member of the Society of Actuaries in Ireland to attend this event.
Date
Time

Start time: 12.30 pm

End time: 2.00 pm

Venue
Zoom
Description

This webinar will be held over zoom. Click here to read the User Guide for Zoom webinars/meetings.

The Insurance Capital Standard (ICS) is being developed as a consolidated group-wide capital standard for IAIGs. It is being developed by International Association of Insurance Supervisors (“IAIS”) and plans to deliver a risk-based capital standard, ICS, which will apply to all IAIGs including Global Systemically Important Insurers (G-SIIs) at a group consolidated level only.

It consists of three components: valuation, qualifying capital resources, and a standard method for the ICS capital requirement. The purpose of the ICS is to create a common language for supervisory discussions of group solvency to enhance global convergence among group capital standards. Following the end of the monitoring period, the ICS will be implemented as a group-wide prescribed capital requirement which is expected to be shortly after the end of the monitoring period in 2024.

As of 10 February 2022, fifty (50) IAIGs have been identified by relevant GWS’s from 18 jurisdictions to be required to comply with ICS.

Please note: This webinar will not be recorded

NB: As a security measure, there is a two-step registration process before you receive the link to join any webinar.  The first step is to register your interest in attending a webinar by making a reservation for an event via the Society’s website.  You will receive a link to then register via the Zoom platform.  It is after this second registration step that you will receive the link to join the webinar. 

Agenda
  1. What is ICS?
  2. When was ICS concepted?
  3. What are the objectives of ICS?
  4. ICS criteria to become an IAIG
  5. ICS Implementation Timelines
  6. What is the calibration of ICS?
  7. How does ICS compare to the Solvency II framework?
  8. Key points from ICS Conference in June 2022
Speakers/Presenters
Francis Furey, Finalyse, FSAI
Biographical details

Francis Furey is a qualified actuary with over twelve years of working experience within the life insurance industry. His range of practical work experience includes working in the life insurance industry in a financial reporting, capital, and modelling capacity with extensive exposure to domestic and international clients. Francis led several client audits including planning, delivering within budget, being the main point of contact with clients, and delivering audit reports and opinions on time.

Working for Finalyse Dublin, he will be actively involved in the development of new and existing client relationships, including playing a pivotal role in client pitches, proposals and delivery.

Prior to joining Finalyse, Francis worked in industry for 4.5 years in Capita Life and Pension, 8 years in other large consultancy firms.

Francis holds an BSc in Financial Mathematics and Economics degree from National University of Ireland Galway and a Postgraduate in Actuarial Science from University College Dublin. He is a Fellow of the Institute and Faculties of Actuaries in the UK and is a Fellow and Member of the Society of Actuaries in Ireland. Francis is an active volunteer with the Society of Actuaries and is currently on the IFRS17 working group where he has delivered three presentations to Society members in the recent past.

Deep Dive: This is a Deep Dive Event.