Reuters: Money: Global regulators progress on insurer rules

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Global regulators progress on insurer rules Mar 22nd 2012, 18:39 LONDON | Thu Mar 22, 2012 2:39pm EDT LONDON (Reuters) - Global regulators said on Thursday they will consult in the summer on how they will pick insurers that must undergo tougher supervision because of their systemic importance. Leaders of the world's top 20 economies (G20) have already agreed that about 28 of the world's biggest banks must hold up to 2.5 percent extra capital because of the risk they pose to the wider financial system if they were in trouble. The International Association of Insurance Supervisors said in a statement its work on a "methodology" for identifying which insurers must also undergo tougher supervision was continuing. "The global insurer data collection required for this project, the first ever on such a scale, has presented unique challenges, and we are grateful for the continued support of our members and the participating insurers," IAIS executive committee chairman Peter Braumueller said in a statement. The IAIS will open a two-month public consultation on its proposed methodology from June at the earliest, followed by a second data call and a two-month consultation on the potential policy measures. The watchdog did not name any companies but large insurers, with operations in many countries, are likely candidates for inclusion, such as Italy's Generali, Allianz of Germany and Axa of France. Insurers say they did not cause the financial crisis and have lobbied against capital surcharges. The G20's work on beefing up supervision of big insurers as well as large domestic banks and other systemically important financial institutions like big clearing houses, is due to be completed by year end. (Reporting by Huw Jones; Editing by David Cowell) Link this Share this Digg this Email Reprints

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