KBRA welcomes the International Association of Insurance Supervisors’ (IAIS) publication of a technical note clarifying the recognition of credit rating agencies (CRAs) under the Insurance Capital Standard (ICS).

The technical note confirms that the IAIS does not approve or monitor CRA mappings under the ICS on an ongoing basis. Instead, the recognition of additional CRAs is determined by individual jurisdictions in accordance with their own regulatory frameworks. The guidance clarifies how jurisdictions may recognize credit ratings from CRAs beyond those currently included in the ICS mapping table.

This clarification provides greater transparency for insurers, regulators, and other market participants regarding the use of credit ratings under the global insurance capital framework while reaffirming the role of local supervisory authorities in determining CRA recognition.

KBRA will continue to engage with insurance supervisors and policymakers worldwide regarding the recognition and regulatory use of its credit ratings while monitoring developments related to the implementation of the ICS.

For questions, please contact the KBRA Regulatory and Government Affairs team at RegulatoryAffairs@kbra.com.

About KBRA

KBRA, one of the major credit rating agencies, is registered in the U.S., EU, and the UK. KBRA is recognized as a Qualified Rating Agency in Taiwan, and is also a Designated Rating Organization for structured finance ratings in Canada. As a full-service credit rating agency, investors can use KBRA ratings for regulatory capital purposes in multiple jurisdictions.

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