REGULATION
International regulatory reform
IAIS consults on policy for global systemically important
insurers
The IAIS published a consultation on 17 October 2012 on
policy proposals for G-SIIs together with responses to issues
raised in its May 2012 consultation on G-SIIs identification
methodology.
Under IAIS proposals for enhanced supervision, G-SIIs must
develop a plan to reduce their systemic importance but will
nevertheless face additional capital requirements, including group
level capital requirements and specific capital requirements for
non traditional and non insurance business.
Supervisors, insurers and other interested parties should review
the proposals. The consultation period closes on 16
December 2012. The IAIS plans to develop detailed G-SIIs
supervisory policies, with the requirements for the systemic risk
reduction taking effect in 2016 and higher capital requirements
effective in 2019. See our Hot Topic for further details.
