Press Conference by KATO Katsunobu, Minister of Finance and Minister of State for Financial Services

(Excerpt)

(Friday, November 15, 2024, 10:55 am to 11:07 am)

[Opening remarks:]

Minister)

The Executive Committee of the International Association of Insurance Supervisors (IAIS), an international organization of insurance supervisory authorities, published yesterday that it approved the Insurance Capital Standard (ICS), which is the first international capital standard in the insurance sector.
We welcome this substantial progress toward the adoption of the ICS at the IAIS Annual General Meeting scheduled at the end of this year thanks to the efforts made by the Chair of the IAIS Executive Committee and other related parties.
We expect that the adoption of the ICS will advance the convergence of capital regulatory frameworks, which will enable internationally active Japanese insurance companies to secure fair competitive conditions and will strengthen policyholder protection and enhance insurance companies' risk management as a result of making it possible to ascertain the soundness of insurance companies on a timely basis based on fair market valuation.
We would like to make preparations for the smooth introduction of the ICS in Japan within FY2025, while looking at the moves in other countries.