International developments dominate regulatory change

International developments dominate regulatory change

international developments dominate regulatory change

The IAIS released a set of high-level principles in September 2014 to be used to guide the development of the global ICS. These were consulted on in December 2014, with only minor revisions made in 2015, following feedback received.

The IAIS consultation document 1 on its first draft proposal of the ICS in December 2014 generated over 1,500 pages of comments. The IAIS has provided its feedback on a piecemeal basis, with updates on June 2, October 3 and November 2015 on key components. While some decisions have been taken, it is evident that further refinement will be made, dependent on the results of current and future field tesing.

For ICS purposes, all G-SIIs are considered to be IAIGs.

© 2024 R.G. Manabat & Co., a Philippine partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.


For more detail about the structure of the KPMG global organization please visit

Connect with us