On 19 July 2016, Insurance Europe published a press release on an IAIS consultation on the proposed global insurance capital standard (ICS). Insurance Europe highlighted several issues that need to be addressed. These include (a) an unrealistic proposed timeline for an agreed framework to be ready for adoption in 2019 and for implementation in 2020, (b) the lack of strong political support for the ICS, (c) the need for clarification that local regimes consistent with the ICS framework are a suitable implementation of the ICS, and (d) the need to test any solution regarding the valuation basis during periods of market turbulence.