FT: Insurers challenge watchdog over Sifis

08 December 2010

Two of Europe’s biggest insurers have taken the industry’s fears at being roped into stringent bank regulations by the Financial Stability Board, which is overseeing international regulatory reforms.

Raj Singh, chief risk officer of Swiss Re, and Axel Lehmann, his counterpart at Zurich Financial Services, told at a meeting of the FSB in Basel that the industry was concerned at proposals to develop a confidential list of very large and systemically important insurers alongside that of banks.

The FSB is due to make decisions by March or April next year on which global financial groups should be deemed systemically important financial institutions, or Sifis, and what will that mean in terms of extra capital requirements and supervision.

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