On 16 December 2013, the International Association of Insurance Supervisors (IAIS) commenced its consultation on proposed 'basic capital requirements' (BCRs) for global systemically important insurers. This first-stage consultation will gather data to assist with development of the BCRs. The IAIS intends to hold a second-stage consultation during 2014, following testing of the various proposed BCRs. The IAIS expects that the finalised BCRs will apply to insurers within scope from (or shortly following) 2015. Comments are invited by 3 February 2014 and should be made using the Questionnaire Tool on IAIS' website.