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In the summer of 2013, the Financial Stability Board indicated it would release a list of reinsurers in July 2014. This will now be postponed to November.
Nine primary insurance firms were designated global systemically important insurers (G-Siis) on July 18, 2013. The FSB is scheduled to produce an updated list of primary G-Siis in November 2014, which would coincide with the new date for publication of the list of G-Sii reinsurers.
Simonetta Iannotti, member of secretariat at the FSB in Basel, says: "The IAIS [International Association of Insurance Supervisors] has recently launched its now annual data collection exercise to assist in the identification of G-Siis. Based on an analysis of the data received, the FSB and national authorities, in consultation with the IAIS, will update the current list of G-Siis in November 2014.
It is expected that a decision on the potential designation of reinsurers will be taken at the same time as other potential G-Siis are examined, and will coincide with the annual update of the FSB's list of G-Sibs – global systemically important banks."
The decision to separate the processes for insurers and reinsurers was justified by the IAIS last July on the basis that the systemic risks posed by the latter needed further scrutiny before designations could be made.
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