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Executive Summary (partial) "This consultation document proposes a holistic framework to assess and mitigate systemic risk in the insurance sector, recognising that systemic risk may arise from both the collective activities/exposures of insurers at a sector-wide level as well as from the distress or disorderly failure of individual insurers. With this, the IAIS proposes to evolve its current approach to systemic risk, by: - Taking into account both relevant sources of systemic risk: the first stemming from the potential knock-on effects from the failure or distress of individual insurers, the second stemming from the propagation or amplification of shocks from even solvent firms, through their collective risk exposures or responses to shocks; - Addressing cross-sectoral aspects of systemic risk, by comparing the potential systemic risk of insurers with other parts of the financial system, notably the banking sector; and - Moving away from a binary approach in which certain additional policy measures are only applied to a relatively small group of insurers (the identified G-SIIs), to an approach with a proportionate application of an enhanced set of policy measures to address activities and exposures that can lead to systemic risk targeted to a broader portion of the insurance sector."

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