Insurers must admit their systemic nature, says top regulator

IAIS and Bafin chair commits to ICS by 2016 although industry raises doubts

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All connected: insurers must stop denying they can pose a threat to the wider financial system

Insurers should stop denying that they can pose a threat to the wider financial system, which has only encouraged supervisors to see them as more systemic rather than less, senior regulator Felix Hufeld said on May 27.

Companies should accept that traditional risk transfer is now only one part of an insurer's business, the chair of the International Association of Insurance Supervisors (IAIS) and German regulator Bafin said at Insurance Europe's annual conference in Luxembourg. He also recommitt