It will replace the BCR, meaning the big systemic insurers will have to comply with a combination of the ICS and HLA.
The European Union hopes its own new insurance capital rules known as Solvency II will be accepted as a substitute for the ICS to avoid duplication of compliance costs.
The new global rules mirror the Basel III measures introduced to make banks safer after several lenders had to be rescued by taxpayers in the 2007-09 financial crisis.
While Basel III does not come into full effect until 2019, banks have complied early due to pressure from markets to demonstrate their underlying health, and some insurers fear the same thing will happen to them with the new capital rules.
"We are not masters of potential market reaction but it's certainly not excluded that that can happen," IAIS Chairman Peter Braumueller told a news conference.