Bloomberg—International insurance regulators’ proposed method of designating companies with global systemic importance could jeopardize the financial system and distort competition, according to the industry’s top executives.
“The insurance sector and the wider financial system could be destabilized if a designation method overlooks companies that should be designated systemically risky or does not provide the appropriate incentives to eliminate potential sources of systemic risk,” The Geneva Association of insurance executives said in a comment yesterday on a consultation paper posted on the International Association of Insurance Supervisors’ website.
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