December 14, 2018

IAIS published its report on process for the 2018 global systemically important insurer (G-SII) identification. The IAIS analysis is focused on identifying G-SIIs—insurers whose distress or disorderly failure would potentially cause significant disruption to the global financial system and economic activity. In collaboration with IAIS, BIS conducts data collection exercises to enable IAIS to assess the potential systemic importance of insurers in a global context (the G-SII Project). IAIS also published the instructions that supplement the guidelines for G-SII data collection exercises by setting out the specificities of the 2018 G-SII data collection exercise conducted for the G-SII Project.

The guidelines provide a general overview of the data collection exercises conducted for the G-SII Project and how the requested data will be utilized, along with the applicable confidentiality protections. The IAIS G-SII Assessment Methodology describes the internal processes of IAIS for the analysis of the data collected, pursuant to the guidelines and the instructions. For a complete overview of data collection and processes in connection with the G-SII Project, the guidelines, the instructions, and the G-SII Assessment Methodology should be read together.

IAIS participates in a global initiative to identify global systemically important financial institutions. IAIS participates in this initiative, along with other standard setters, central banks, and financial sector supervisors, under the purview of FSB and G20. IAIS used the 2016 G-SII Assessment Methodology to complete the 2018 G-SII exercise. Since the data used in the analysis is reported on a voluntary, unaudited basis, it may not be standardized, given the heterogeneous nature of firms' businesses and reporting requirements. Therefore, the analysis of IAIS has been performed on a “best-effort” basis. Importantly, the 2016 G-SII Assessment Methodology adds an extra level of transparency to the annual G-SII identification process for both participating insurers and the public. 

Keywords: International, Insurance, G-SII, Assessment Methodology, Identification Process, G-SII Project, IAIS

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