The members of “Team USA,” as we refer to this group, work together to advocate for the United States internationally. One important international project that I have already mentioned is the ICS. Two years ago, the ICS reached a milestone when the IAIS membership adopted ICS version 2.0 for use in a five-year monitoring period.
The purpose of this monitoring period is to evaluate the functionality and performance of the ICS. Team USA has argued that as currently constructed, the ICS would not be appropriate as a capital rule for U.S. internationally active insurance groups.