On 5 June 2014 the European Banking Authority (EBA) published final draft Regulatory Technical Standards (RTS) on the methodology for the identification of global systemically important institutions (G-SIIs) under the Capital Requirements Directive.  Also published on the same day were

Introduction On 18 July 2013, the Financial Stability Board (FSB) published a press release endorsing the assessment methodology and policy measures published by the International Association of Insurance Supervisors (IAIS) discussed below, and naming the first nine globally systemically important Insurers (G-SIIs).  The list will be published each November, starting in 2014 and initially comprises: […]

Risk Magazine is reporting that the initial list of global systemically important insurers (G-SIIs), originally due to be published in April 2013 by the Financial Stability Board (FSB) and the International Association of Insurance Supervisors (IAIS), has now been delayed until the end of Q2 2013. Elsewhere, the FT is reporting that the IAIS is […]

On 12 February 2013, Julian Adams, FSA Director of Insurance, gave a speech at the Economist Insurance Summit in London on the lessons for insurance supervisors from the financial crisis. Mr Adams explained that the overall objective of the FSA is to create an environment in which no insurer is too big, too complex or […]

More from the FT, which provides an interesting update on the initiative to identify globally systemically important insurers.  Plans drawn up by the International Association of Insurance Supervisors are described as being “incoherent, impractical and simplistic” by the industry, which expresses particular concern about the intention to include variable annuities on the list of activities […]

Introduction On 11 December 2012, the Geneva Association, a think-tank for the insurance industry, published a cross-industry analysis comparing the 28 Global Systemically Important Banks (G-SIBs) to 28 of the world’s largest insurers on indicators of systemic risk. The analysis studied 17 indicators that are regarded as being comparable between insurers and banks to provide […]

Introduction On 17 October 2012, the International Association of Insurance Supervisors (IAIS) published a consultation document relating to proposed policy measures for global systemically important insurers (G-SIIs) i.e. insurers whose distress or disorderly failure would cause significant disruption to the global financial system. The consultation remains open until 16 December 2012 and details policy measures […]

Introduction On 17 October 2012, HM Treasury published a summary of responses received to its August 2012 consultation paper, entitled “Financial Section Resolution: Broadening the Regime” (the “Consultation Paper”).  Broadly, the Consultation Paper had proposed the widening of resolution regimes to systemically important non-banks, specifically: Investment firms and parent undertakings; Central counterparties (CCPs); Non-CCP financial […]

Last week, the leaders of the G20 met in Los Cabos, to discuss, among other things, the progress of financial regulatory reform, a key aim of which is to address the issue of financial institutions which are ‘too-big-to-fail.  The Financial Stability Board (“FSB”), tasked with overseeing this reform programme, published a report detailing progress in […]