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Systemic risk definition for insurers flawed, says former IAIS counsellor

International policy-makers should offer clarity on risks posed by different activities, hears Insurance Risk Europe

Bank of England governor Mark Carney
Bank of England governer Mark Carney is vice-chairman of ESRB

Insurance standard-setters should have developed a more sophisticated definition of activities that cause systemic risk in their assessment methodology for identifying global systemically important insurers (G-Siis), says a former economic counsellor at the International Association of Insurance Supervisors (IAIS).

Daniel Hoffman, now adviser to the chairman of Zurich Insurance Group, told

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