9 October 2013
Frank Swedlove, chair, GFIA, said: "GFIA notes today's announcement by the IAIS about its development of a global risk-based capital standard. GFIA is committed to working with the IAIS to ensure that the IAIS's work leads to a standard that is suitable and workable for the industry. It is important that any capital standard reflects the nature of the insurance business and is not simply the adoption of a capital standard from another sector. GFIA will be seeking more clarity and detail from the IAIS in the coming days about its intentions and workplan."