The European Systemic Risk Board has proposed countercyclical rules to avoid firesales by distressed insurers and a build-up of systemic risk.
The new proposals from the International Association of Insurance Commissioners will add more qualitative elements to deciding what makes an insurer systemic.
The Financial Stability Board proposals for insurance resolution strategies allow for significant supervisory discretion to reflect specific business models at each global systemic insurer.
The industry is urging regulators to avoid superseding local regimes at the first step of developing global insurance capital standards.
The Bank of England warns that EU member states have different views on whether insurers can automatically assume the use of the Solvency II volatility adjustment in their internal model assumptions.
The US has opened talks with the EU under the Dodd-Frank Act to enable mutual recognition of insurance and reinsurance prudential regulation regimes.
Campaign group Better Markets has filed a lawsuit demanding public transparency in MetLife’s court case against the Financial Stability Oversight Council over the insurance company’s designation as systemically important.
The International Association of Insurance Supervisors is pushing ahead with a proposed capital buffer despite incomplete work on its key parameters.
The European Commission wants to consider lower solvency requirements for insurance investment in infrastructure corporates as part of the Solvency II recalibration.