New national legislation may be required to make the higher loss absorbency (HLA) capital requirement for global systemically important insurers (G-Siis) legally enforceable, say regulators.
Several national supervisors are in the process of analysing whether their statutory powers grant them the authority to impose the HLA recommended by the International Association of Insurance Supervisors (IAIS) earlier this month.
If they lack the necessary powers, national governments will have to legislat
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