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Nematrian Reference Library

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Summary (partial) "In November 2011 the Financial Stability Board published an integrated set of policy measures to address the systemic and moral hazard risks associated with systemically important financial institutions (SIFIs). In July 2013, the FSB, in consultation with the International Association of Insurance Supervisors (IAIS) and national authorities, identified an initial list of nine global systemically important insurers (G-SIIs) using an assessment methodology developed by the IAIS2, and the policy measures that apply to them. … In November 2014 the FSB … decided to postpone a decision on the G-SII status of reinsurers, pending further development of the methodology. For 2015, after consideration of the IAIS’ annual G-SII assessment exercise and following consultation with the IAIS and national authorities, the FSB has decided to identify nine primary insurers as G-SIIs … In comparison to the 2014 cohort, one insurer has been added and one removed from the list (Annex I). The changes in the institutions included in the list reflect changes in the level and/or type of activity undertaken by the relevant institutions, combined with supervisory judgement. … The IAIS has continued its work to develop policy measures to be applied to G-SIIs, as described in the FSB’s July 2013 press release, and has concluded initial development of the higher loss absorbency (HLA) requirement, which was endorsed by the FSB on 25 September and published on 5 October. The HLA requirement will be applied starting from January 2019 to those G-SIIs identified in November 2017 based on the methodology as further developed and on the most current available data. … G-SIIs are also subject to: (a) Requirements for enhanced group-wide supervision, including for the group-wide supervisor to have direct powers over holding companies and to oversee the development and implementation of a Systemic Risk Management Plan and a Liquidity Management plan. (b) Requirements for group-wide resolution planning and regular resolvability assessments. In addition, the resolvability of each G-SII is also reviewed in a high-level FSB Resolvability Assessment Process (RAP) by senior policy-makers within the firms’ Crisis Management Groups."

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