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3/19/2020

Readout on the International Association of Insurance Supervisors Annual Meeting | U.S. Department of the Treasury

Readout on the International Association of Insurance
Supervisors Annual Meeting
November 14, 2019

A U.S. Treasury Spokesperson issued the following readout at the conclusion of the Insurance
Capital Standard (ICS) negotiations with the International Association of Insurance Supervisors
(IAIS):
WASHINGTON – The U.S. Treasury’s Federal Insurance O ice registered its o icial objection to
the IAIS’s advancement of version 2.0 of the ICS into a five-year monitoring period.
U.S. Treasury’s Federal Insurance O ice, the Federal Reserve Board, and the National
Association of Insurance Commissioners and the U.S. states – together known as Team USA –
worked together closely during negotiations at the IAIS; however, U.S. Treasury ultimately was
not able to support the IAIS proposal on version 2.0 of the ICS.
U.S. insurers should not face pressure to participate in a reference ICS that is not expected to
apply in the United States and does not fit our markets. The current form of the ICS could also
risk limiting U.S. consumers’ access to important long-term saving products.
U.S. Treasury will continue to work collaboratively as part of Team USA in our engagement with
the IAIS during the ICS monitoring period. Throughout, U.S. Treasury will continue to honor its
core principle of protecting U.S. interests.
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https://home.treasury.gov/news/press-releases/sm830

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