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ERM frameworks [26]

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Bullet points include: 9 insurers already deemed Global Systematically Important Insurers by Financial Stability Board (FSB), although industry stance was "Little evidence... traditional insurance generates... systemic risk". Particular focus on non-traditional insurance. Financial guaranty insurance, credit default swaps, derivatives trading. Variable annuities? Reinsurance considered as traditional insurance. Indicators: Size, global activity, interconnectedness, non-traditional activities, substitutability. International Association of Insurance Supervisors (IAIS) now starting to work on global capital standards for internationally active insurers

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