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Introduction "The global financial crisis underscored the interconnected nature of financial firms and the widespread financial and economic costs of their severe distress or failure as well as with public sector interventions for those that were distressed or expected to fail. The crisis also underscored the need for public authorities to act promptly and proactively to identify firms that are systemically important and to take measures to lessen the impact and reduce the moral hazard associated with public sector interventions and the distress or failure of such firms. As part of this effort, the International Association of Insurance Supervisors (IAIS) is participating in a global initiative, along with other standard setters, central banks and financial sector supervisors, and under the purview of the Financial Stability Board (FSB) and G20, to identify global systemically important financial institutions (G-SIFIs). The focus of the IAIS’ analysis is in relation to potential global systemically important insurers (G-SIIs). The IAIS has developed an assessment methodology to identify insurance-dominated financial conglomerates whose distress or disorderly failure, because of their size, complexity and interconnectedness, would cause significant disruption to the global financial system and economic activity."

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