2013年-FSB全球金融稳定委员会_FSB_identifies_G_2页_96kb

FSB Identifies Initial List of Global Systemically Important Insurers (G-SILs)

Core Content

The Financial Stability Board (FSB) has identified an initial list of global systemically important insurers (G-SILs) as part of the G20's commitment to addressing risks posed by systemically important financial institutions (SIFIs). This initiative aims to enhance financial stability by implementing a comprehensive regulatory and supervisory framework tailored for the insurance sector.

Main Policy Measures

The FSB, in collaboration with the International Association of Insurance Supervisors (IAIS) and national authorities, has endorsed a set of policy measures that apply to G-SILs. These measures include:

• Recovery and Resolution Planning Requirements: G-SILs must develop and implement recovery and resolution plans to ensure they can be resolved in a way that minimizes disruption to the financial system.
• Enhanced Group-Wide Supervision: A more rigorous supervisory approach is required for G-SILs, covering all parts of their group structure, including non-insurance subsidiaries.
• Higher Loss Absorbency Requirements: These are designed to ensure that G-SILs have sufficient capital to absorb potential losses during a crisis, thereby reducing the need for public bailouts.

Implementation Timeline

• The initial list of G-SILs was identified using the IAIS assessment methodology and will be updated annually starting in November of the following year.
• Enhanced group-wide supervision begins immediately for the identified institutions.
• Crisis management groups must be established by July 2014.
• Recovery and resolution planning must be completed by end-2014, in line with the FSB Key Attributes for Effective Resolution Regimes.
• Backstop capital requirements will be developed by the IAIS and finalized by the 2014 G20 Summit.
• Implementation details for higher loss absorbency requirements will be developed by end-2015, with the requirements applying to G-SILs identified in November 2017 starting from January 2019.

Key Information

• The G20 Leaders endorsed the FSB policy framework in 2010 and 2011, aiming to reduce moral hazard and systemic risk.
• The FSB is responsible for coordinating international financial regulation and supervision, bringing together 24 countries and jurisdictions, international financial institutions, and sector-specific regulatory bodies.
• The FSB Secretariat is located in Basel, Switzerland, and hosted by the Bank for International Settlements (BIS).
• The Chairman of the FSB is Mark Carney, Governor of the Bank of England.
• The IAIS has developed the assessment methodology and policy measures for identifying G-SILs, which the FSB has endorsed.

Purpose and Significance

The identification of G-SILs is a crucial step in implementing the G20's policy measures to enhance the resilience of the global financial system. By focusing on systemically important insurers, the FSB aims to mitigate the risks that could arise from their failure and ensure that the insurance sector contributes to financial stability. Mark Carney emphasized the importance of these measures in laying the foundation for a stronger regulatory and supervisory framework for the insurance industry.

Conclusion

The FSB's identification of G-SILs represents a coordinated international effort to address systemic risks in the insurance sector. The implementation of policy measures, including recovery and resolution planning, enhanced supervision, and higher loss absorbency requirements, will be phased in over time, with the goal of strengthening the financial system's resilience to crises.