On July 21, 2017, the International Association of Insurance Supervisors (IAIS) released the Risk-based Global Insurance Capital Standard (ICS) Version 1.0 for Extended Field Testing. The ICS is a group-wide, consolidated insurance capital standard being developed by the IAIS for application to Internationally Active Insurance Groups (IAIGs) and Global Systemically Important Insurers (G-SIIs). ICS Version 1.0 will be subject to extended field testing by a volunteer group of insurance companies. The IAIS currently plans to issue a public consultation document on ICS Version 2.0 in mid-2018, and to adopt the final ICS Version 2.0 at the IAIS 2019 General Meeting. Once finalized, the ICS will constitute a minimum standard for a consolidated capital requirement to be achieved by IAIGs and G-SIIs. Supervisory authorities of IAIS member jurisdictions will then be expected to implement, or propose to implement, the finalized ICS taking into account specific market circumstances in their respective jurisdictions. ICS Version 1.0 describes the background and rationale for different components of extended field testing, including with respect to the valuation basis of assets and liabilities, a two-tier system for capital resources, a standard method for calculating the ICS capital requirement, and the scope of application and perimeter of the ICS calculation.