1. Major Projects Update Panel
ICS: A (very) Quick Overview Presentation by Paolo Cadoni, Chair, CSFWG Asuncion, 10 November 2016
IAIS 23rd Annual Conference
Major Projects Update Panel

2. ICS – milestones a quick recap
October 2013 announcement of beginning of ICS project
December 2014 – First ICS Consultation Document
February 2015 – very significant amount and volume of comments received from Members and Stakeholders
May 2015 – field testing of ICS began with full calculation on MAV basis (2014 field testing focused only on valuation)
May 2016 – field testing of ICS with full calculation on both MAV and GAAP+ basis
July 2016 – Second ICS Consultation Document
October 2016 – Comments received on 2nd ICS CD
Looking forward
July 2017 – ICS Version 1.0

3. ICS Consultation Document comments
236 Questions in the Consultation Document…
We received…
76 submissions from:
15 insurance trade associations
32 insurance companies (of which 25 are from Field Testing volunteers)
8 actuarial associations, including the IAA
15 IAIS Members
6 Other (Academia, Professional Services, Chamber of Commerce)
For a total of over 2,000 pages…
The comments have been published on the IAIS website

4. Field Testing Increasing volunteers – up from 34 in 2015 to 41 in 2016
Volunteers with head offices in 16 countries in Europe, Asia, North America and Africa – approximately 30% of all global insurance premiums
Confidential reporting (BCR+HLA)
MAV scenarios and GAAP+ reconciliation
ICS development – full ICS calculation on MAV and GAAP+ basis
Insurance calibration (Health, Life, Non-Life)

5. Process Results of field testing analysis
Key take aways from ICS CD comments
Recommendations on way forward for ICS Version 1.0
Decisions on ICS Version 1.0 beginning in January
Stakeholder meetings and telcos
November 30 telco
January 17 meeting in La Jolla, California, USA