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  "documentTitle": "Scalar calibration For Life insurance business",
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      "text": "Used for initial calibration of scalar under K-ICS",
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      "text": "To calibrate the ERR scalar under K-ICS, the Q2 2023 industry solvency ratio (with no transitional measures) of 196% was used.",
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      "text": "South Korea shifted to a new capital regime (\"K-ICS\") beginning in 2023 from an RBC framework. South Korea's insurance regulator publishes regular reports on the industry's solvency ratios. To calibrate the ERR scalar, Q2 2023 data was used.",
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      "text": "Source: Korea Financial Supervisory Service \"Insurance Companies' Capital Adequacy Ratios under K-ICS, June 2023\"",
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      "text": "Example of a regime change where industry-wide solvency reporting from South Korea's regulator was used",
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      "text": "REGIME CHANGE EXAMPLE: SOUTH KOREA",
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