NU Online News Service, Sept. 30, 2:21 p.m. EDT

Global insurers waiting to find out if they will be subject to increased capital rules will not know the answer until a study of global systemically important financial institutions (G-SiFis) is complete, the International Association of Insurance Supervisors says.

Reporting on the meeting of regulators that is taking place in Seoul, Korea, Reuters says Peter Braumueller, chairman of IAIS executive committee, held a press briefing saying members are discussing different ways the rules may be implemented and that ultimately it could look very different from what the rules are for banking.

The association is working to put together rules to prevent a repeat of the meltdown of American International Group and the global economy that precipitated the great recession.

An official says a basic draft of the new regulations should be out by the first half of next year.

Here in the United States, the Financial Stability Oversight Council has been working in a similar vein, trying to determine what the principles will be to designate nonbank financial companies as systemically significant.

Insurers are working with rule makers to put them on a pathway of being insignificant in regard to the rules.

Special Reports /

G-SiFi Rules for Insurers Could Differ From Banks

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