IAIS reforms on prudential supervision

Category

Other

Description

On 14 November IAIS adopted a comprehensive set of reforms on prudential supervision that will enable more effective cross-border supervision of insurance groups and contribute to global financial stability.
This set of reforms is made up of standards applicable to all the internationally active insurance groups and of a comprehensive framework for the mitigation of systemic risk in the insurance sector.
This significant achievement was made possible by a shared commitment from the world’s insurance supervisors to the maintenance of fair, safe and stable insurance markets for the protection of policyholders.
In light of the finalised framework for the mitigation of systemic risk, the FSB, in consultation with the IAIS and national authorities, has decided to suspend the identification of Global Systemically Important Insurers (G-SII) as from the beginning of 2020.

issue date

14 November 2019