Good afternoon – and thank you for inviting me to speak here today.
The panel is focusing on issues and policies affecting global systemically important insurers (G-SIIs) after designation - and I’ve been asked to focus specifically on challenges. But before I do, I’d like to take a step back and first set the scene - in my capacity as Chair of the Financial Stability Committee (FSC) - for the work that the International Association of Insurance Supervisors (IAIS) is delivering, and why it is so important.
The financial crisis underscored the disruption that individual financial institutions can cause to the wider financial system and real economy and has amplified our appreciation of the risks that firms in the financial sector pose to each other.
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