On 5 October 2015, the International Association of Insurance Supervisors (IAIS) released a paper describing the initial version of its higher loss absorbency (HLA) requirement for global systematically important insurers (G-SIIs). The IAIS intends that the HLA will be privately reported to group-wide supervisors by G-SIIs, commencing in 2016.  Following implementation of the HLA (expected in 2019), G-SIIs will be expected to hold regulatory capital at least equal to the sum of the basic capital requirement (or BCR, developed in 2014) and the HLA.