FSB applies key attributes to insurers
On 12 August 2013, the Financial Stability Board (FSB) issued proposed guidance on the application of the key attributes of effective resolution regimes for financial institutions to non-bank financial institutions. Comments on the proposed guidance are due to the FSB by 15 October 2013.
The proposed guidance contains three new appendices that supplement the key attributes for the resolution of financial market infrastructures (Appendix I), insurers (Appendix II) and financial firms that hold client assets (Appendix III). This client update focuses on Appendix II, the application of the key attributes to insurers. The key attributes are part of the response of the G-20 and the FSB to identify global systemically important financial institutions and to mitigate the risks these institutions pose to the global economy. One aspect of this effort is to facilitate the co-ordinated resolution, under a common set of goals and principles, of firms active in multiple jurisdictions.
Consistent with the analytical approach of the FSB and the International Association of Insurance Supervisors (IAIS) for the designation and regulation of global systemically important insurers (G-SIIs), this proposed guidance focuses on perceived risks arising from the resolution of insurance groups engaged in non-traditional and non-insurance activities…
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