The G-20's Financial Stability Board (FSB) says it will identify in July global insurers it deems so important and interconnected to the worldwide insurance economy that tighter and more comprehensive worldwide supervision is warranted.
Despite the fact that many in the global insurance world have argued there should be no Global Systemically Important Insurers (G-SIIs), as they are called, the International Association of Insurance Supervisors (IAIS) submitted a list to the FSB, which issued a release from Basel, Switzerland today following its meeting yesterday.
The IAIS would not disclose the names of the insurers or say whether any U.S. companies were among them.
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