Insurers Subject to Resolution Standards

FSB members reported 13 insurers in their jurisdictions for inclusion in the list of insurers subject to resolution planning standards consistent with the FSB Key Attributes. These insurers are reported by their respective supervisors as being subject to resolution planning and resolvability assessment requirements consistent with Key Attributes 8-11 of the FSB Key Attributes of Effective Resolution Regimes for Financial Institutions (FSB Key Attributes).¹ The reported insurers are set out in table 1.

2024 list of insurers reported as subject to resolution planning standards consistent with the FSB Key Attributes

Publishing the list provides transparency to markets, policyholders and the larger public that the reported insurers and relevant authorities are working to be prepared for resolution if it ever becomes necessary. The list informs market participants that firms and their supervisors are better prepared to address the significant stress or failure of an insurer, including that relevant authorities are prepared to work together across borders. The list also provides reassurance on the consistent application of resolution standards across the globe. An insurer may be prepared to address significant distress or failure even though it is not reported to the list.

An insurer is not considered systemically important by virtue of being included in the list of reported insurers. The list therefore differs in several material respects from the discontinued list of global systemically important insurers (G-SIIs) published by the FSB from 2013 to 2016. The list of reported insurers only relates to the application of FSB Key Attributes 8 to 11, includes insurers that are assessed and reported by FSB member authorities, and does not address whether an insurer is systemically important.²

The list will continue to evolve as authorities work to implement resolution regimes for insurers. This is the first iteration of the list, which the FSB plans to produce annually. The list is likely to grow as FSB members revise and implement new legislation and regulation affecting resolution frameworks for insurers.

1. FSB member authorities reported the insurers in their jurisdictions which relevant authorities have determined should be subject to resolution planning standards consistent with the FSB Key Attributes 8 to 11, irrespective of (i) whether the insurer is systemically important, (ii) the stage of the authority’s implementation of these standards, (iii) whether resolution related cross-border coordination is conducted through dedicated CMGs and cooperation agreements or through supervisory colleges and existing cooperation agreements, and (iv) whether an insurer updates its resolution plans annually. The list does not include (i) insurers subject only to recovery planning but not resolution planning and resolvability assessment requirements, (ii) insurers which have no or only limited international activities, or (iii) insurers that are headquartered in a jurisdiction that is not represented in the FSB Plenary. ↩︎
2. The publication of the list of reported insurers follows the 2022 decision by the FSB to discontinue the annual identification of G-SIIs. In connection with this decision, the FSB decided to utilise, going forward, assessments available through the Holistic Framework of the International Association of Insurance Supervisors (IAIS) to inform its considerations of systemic risk in the insurance sector, including the supervisory policy measures that it considers necessary to address such systemic importance. ↩︎