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J. Stephen Zielezienski, SVP and General Counsel of the American Insurance Association (AIA), has issued a statement on the International Association of Insurance Supervisors’ (IAIS) report on Global Systemically Important Insurers (G-SII): Proposed Policy Measures. It is expected that G-SII insurers will be designated in 2013, prior to the implementation of the IAIS capital requirements. AIA submitted comments to the IAIS earlier this year on G-SII Assessment Methodology.
Zielezienski said “The proposed policy measures attempt to "reduce moral hazard and the negative externalities" that could result from the failure of a G-SII. However, AIA remains concerned with the measures because they are based on the more bank-centric SIFI framework of the Financial Stability Board. AIA recognizes and appreciates that the IAIS has attempted to make adjustments to the FSB framework, so that the proposed policy measures will be more tailored to the insurance industry. In particular, the IAIS has suggested that higher capital requirements, referred to as higher loss absorption in the release, should apply to non-traditional/non-insurance (NTNI) business activities. But identifying and separating the NTNI activities remains problematic. AIA will carefully review this proposal with its members and provide comments during the consultation period.” |
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