A new study conducted by the Property Casualty Insurers Association of America (PCI), study finds that the failure of a hypothetical major U.S. property/casualty insurer would not have a systemic effect on financial markets or the broader economy.
The study, "Systematic Solution not Systemic Problem - Distinguishing Insurance Market Risk from Systemic Importance" will be presented to the International Association of Insurance Supervisors (IAIS) as it addresses global systemic risk regulation. PCI engaged Steptoe & Johnson LLP, a renowned international law firm, to consider the potential systemic effects of the failure of a major insurer. The new PCI study will be presented to the IAIS as it works with the Financial Stability Board (FSB) to decide whether insurers should be subject to extra regulation as “global systemically important financial institutions” (G-SIFIs).
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