ACTOMATE
INSURANCE CAPITAL STANDARD (ICS)
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Introduction
The Insurance Capital Standard (ICS) is a consolidated group-wide capital standard. The objective of this document is to provide insight into the calibration of the individual risk charges of the ICS. It aligns with the public commitment made by the IAIS to prepare and release a calibration document for ICS risk charges, reflecting the IAIS's dedication to transparency and disclosure.
Applicability
It is a measure of capital adequacy for Internationally Active Insurance Groups (IAIGs) and constitutes the quantitative component of the Common Framework for the Supervision of IAIGs (ComFrame), which consists of both quantitative and qualitative supervisory requirements tailored to the complexity and international scope of IAIGs.
Requirements
The present calibration document provides explanations on the calculation of the different ICS risk charges and their aggregation. Detailed information is made available for all risk modules within Insurance risks, Market risks, Credit risk and Operational risk, as well as for correlation matrices used for aggregating risk charges.
Effective Date
The ICS was adopted by the IAIS at its Annual General Meeting in December 2024.
PRACTICE LEADER
Nicholas Yeo
FIA C. Act FASM FSA FSAS CIA FASHK
Founder & Actuary
Nicholas founded Actomate in 2015, a leading actuarial firm in Asia. He is an actuary with exceptional business acumen and a global perspective. His clients and his organization benefit from his strong grasp of the strategic, operational, governance, and risk management aspects of the business.
Nicholas has developed various technologies and software applications, including IBNR Robot, ReACC Robot, PET Robot, LRC Robot, LIC Robot, PAA Robot, and Sallesillus Robot. Nicholas also has significant experience in captive insurance, offshore insurance, robotic process automation, artificial intelligence, and data analytics.
Nicholas has 20 years of experience in actuarial work, including life insurance, family takaful, general insurance, general takaful, employee benefits, pensions, social security, medical insurance, reinsurance, and Insurtech startups. Nicholas held appointed actuary and signing actuary roles in various jurisdictions across Asia.
Nicholas is a Fellow of the Institute and Faculty of Actuaries (UK) and a Fellow of the Society of Actuaries (US). He is a past Council Member of the Society of Actuaries’ Entrepreneurial & Innovation Section. He is also a past Chairperson of the Professional Development Committee and Events Committee of the Actuarial Society of Malaysia. Nicholas graduated from Bayes Business School with First Class Honours in BSc Actuarial Science. He is also a Certified Internal Auditor from The Institute of Internal Auditors.