On 17 December 2014, the International Association of Insurance Supervisors (IAIS) published a consultation paper on the risk based global insurance capital standard (ICS). It is intended that the ICS will be applicable to internationally active insurance groups and global systemically important insurers. Feedback is sought on a number of topics including valuation, capital resources and on methods of calculating the ICS capital requirement. A timetable for developing the ICS (with a view to it adoption in 2018) is also included in the document. Responses are invited by 16 February 2015.