Insurance: Just Part of the Financial Sector? [29]

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Bullet points include: Natural to focus on activities where banks and insurers compete directly. In some jurisdictions, term certain annuities can attract higher capital requirements than, say, term deposits. Although Basel III liquidity requirements may reduce these disparities. In some jurisdictions, equity investments attract higher capital charges if held in banks than in, say, non-life insurers. Conglomerates may move such assets between subsidiaries (if group level consolidation does not unwind effect). Exacerbated by increased capital requirements being introduced by Basel III

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