Regulators stretch the timeline on rule changes

Global regulators have given themselves more time to bridge transatlantic differences that have delayed the world’ s first capital rule for insurers.

The International Association of Insurance Supervisors( IA IS) said yesterday that its members have agreed in Kuala Lumpur on a“unified path to convergence” to further what it called the “ultimate goal” of a single International Capital Standard ( ICS).

The aim is to make it easier for investors to compare insurers from different countries by shedding a stronger light on their inner workings.

In a compromise seen as helping to keep both Europe and the United States on board, the IAIS said there will be a twophased introduction after the revised version of the draft standard comes out in late 2019.

A five-year monitoring phase will be followed by an implementation phase.

The Swiss-based body released the first version of the ICS in July this year for field testing, and the second version is expected to include further changes.