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March 05, 2018

FSB published ten responses to the consultation on the Methodology for Assessing the Implementation of the Key Attributes of Effective Resolution Regimes for Financial Institutions (Key Attributes) in the insurance sector. FSB had launched this consultation on December 21, 2017 and comments were due by February 28, 2018.

FSB has developed this methodology in close cooperation with IMF, World Bank, and IAIS. The assessment methodology is designed to promote consistent assessments across jurisdictions and to provide guidance to jurisdictions when adopting or reforming insurance resolution regimes to implement the Key Attributes. It will be used by IMF and World Bank as part of the regulatory assessments they undertake. The Key Attributes remain the umbrella standard for resolution regimes covering financial institutions of all types that could be systemic in failure. FSB decided to adopt a “modular approach” and develop self-contained and free-standing methodologies tailored to the particular features of each sector, to facilitate sector-specific assessments of the Key Attributes. In October 2016, FSB had published the Key Attributes Assessment Methodology for the banking sector.

 

Related Link: Responses to Consultation

Keywords: International, Insurance, Responses to Consultation, Resolution Regime, Assessment Methodology, Key Attributes, FSB

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