LONDON (Reuters) – Top insurers face curbs within five years on risky “non-traditional” activities, global regulators said on Thursday as they seek to avoid a repeat of AIG's huge taxpayer bailout in the financial crisis.
Leaders of the world's top 20 economies (G20) have asked the industry's regulators to design tighter supervision for big insurers that pose risks to the wider financial system.
Generali, AIG, Axa, Prudential and Allianz are seen as candidates for inclusion on a list of “systemic” insurers that the G20's regulatory task force, the Financial Stability Board (FSB), will publish next year. Forty-eight big insurers will be examined to see if they should be on the FSB list.
The International Association of Insurance Supervisors (IAIS) is helping the FSB and explained on Thursday how it will select insurers that will face a combination of extra controls such as more reporting requirements or extra capital buffers.
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