Insurance regulators did their best to put on a brave face in Malaysia at the start of November. Members of the International Association of Insurance Supervisors even took to describing a statement promising a “unified path to convergence” on a global insurance capital standard (ICS) as the Kuala Lumpur agreement. Scratch beneath the surface, however, and it becomes clear the statement reveals more about disagreements among IAIS members.
“It’s important to realise this is a total compromise
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