Insurers must admit their systemic nature, says top regulator

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

cogs-shutterstock-221262148
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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact info@risk.net to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Risk.net? View our subscription options

Register

Want to know what’s included in our free membership? Click here

This address will be used to create your account

The future of life insurance

As the world constantly evolves and changes, so too does the life insurance industry, which is preparing for a multitude of challenges, particularly in three areas: interest rates, regulatory mandates and technology (software, underwriting tools and…

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here