IAIS systemic risk proposals must be better defined

To develop an effective holistic framework for systemic risk in the insurance sector, the International Association of Insurance Supervisors’ (IAIS) must better define systemically risky activities.

 

GFIA encourages a narrow focus on those activities that could cause an impairment of all or parts of the financial system and could have serious negative consequences for the real economy.

 

GFIA also warned that the IAIS’ current proposals are unclear in terms of scope. As a result, it is not easy to determine which insurers would be subject to which policy measures under the proposals.

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