On July 31, 2018, the International Association of Insurance Supervisors (IAIS) released the latest version of the Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame) and International Capital Standard Version 2.0 (ICS 2.0) for a 90-day public consultation period. The ComFrame Development and Analysis (G) Working Group is reviewing the consultation materials and is developing NAIC comments in conjunction with the International Insurance Relations (G) Committee.

By way of background, ComFrame provides a framework for the supervision of internationally active insurance groups (IAIGs) and includes both quantitative and qualitative supervisory requirements that will be tailored to each IAIG. IAIGs will be classified based on a combination of international activity and size (total assets of not less than $50 billion or gross written premiums of not less than $10 billion). While currently there is no public list available setting forth the entities that have been identified as IAIGs, such a list will be made available when ComFrame is in place. Based on current field testing, it is estimated that there will be a total of 50 entities that meet the IAIG criteria, with approximately 20 entities headquartered in Europe, 15 headquartered in Asia and approximately 12 headquartered in North America.  ICS 2.0 prescribes the insurance capital standard for IAIGs and, as part of the exposure draft, the IAIS is seeking stakeholder feedback with respect to (i) the reference ICS components, (ii) additional reporting that may be required at the option of the group-wide supervisor, (iii) the expectations for the IAIS and group-wide supervisors during the five-year monitoring period, and (iv) the incremental costs and benefits of the ICS for IAIGs.  Under the current timeline, following the completion of this public consultation, if needed, a further revised version of ComFrame and ICS 2.0 will be exposed for an additional 60-day comment period at the end of June 2019. The IAIS intends for each of ComFrame and ICS 2.0 to be presented for adoption at the IAIS Annual General Meeting in November 2019.