Members of the The Group of Twenty Finance Ministers and Central Bank Governors (G-20) will have plenty of reading material ahead of their Seoul Summit. Insurers representing property/casualty and life and health insurers worldwide are organizing efforts in a petition to the G-20, asking them to distinguish between the insurance and banking industry when trying to address systemic risk.
In a letter dated October 21 sent to the U.S. Treasury Department—in advance of a G-20 meeting set to start Nov. 11 Seoul, South Korea—the insurance groups state that insurers have a different risk profile than do banks and other financial institutions, and, therefore should be treated differently in terms of regulatory reporting requirements.
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