The International Association of Insurance Supervisors (IAIS) is to release a consultation document on risk-based insurance capital standards next month.

Members were updated on progress developing the standards at the annual IAIS Global Seminar in Budapest on June 16-17, and the association says interest is growing.

The IAIS is working towards achieving “substantially the same” outcomes across jurisdictions, and says Version 1.0 – for confidential reporting – remains on track for mid next year.

Executive Committee Chairman Victoria Saporta says the seminar reinforced the central role local participation and approaches play in developing global standards and promoting financial stability.

The event included a focus on cyber risks and insurance, and challenges posed by the lack of historical data and absence of a common language for the issue.

“Firms were reminded that today’s best practices could quickly become outdated,” the IAIS says. “Panellists cautioned against imposing prescriptive regulatory requirements due to the ever-changing nature of cyber risk.”

About 250 members and stakeholders attended the event, covering issues relevant to advanced and emerging insurance markets alike.