As the Financial Stability Oversight Council (FSOC) is set to release its designations for non-bank systemically important financial institutions (SIFIs), the industry’s largest players—from both the P&C and life sectors—eagerly await a final word. It’s been a long process, and when AIG came out last fall declaring it was under consideration and that the company would not contest such a designation, the potential reality of insurers seeing federal regulation set in.
The latest word from the International Association of Insurance Supervisors (IAIS) is that insurers will face less strict rules than their banking counterparts. This certainly bodes well for U.S. insurers, as one of the FIO’s goals seems to be to equate international designation standards with national regulatory rules; but that doesn’t necessarily mean the industry-specific guidelines will be lax.
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