Global Systemically Important Insurers (G-SII)

Following the 2007-2008 global financial crisis, the G20 launched a comprehensive programme of financial reforms to increase the resilience of the global financial system. The IAIS has contributed by participating in a global initiative to address systemic risk in the financial sector under the purview of the Financial Stability Board (FSB) and G20.

Part of the initiative is the identification of, and setting supervisory policy measures for, global systemically important financial institutions (G-SIFIs) – institutions whose distress or disorderly failure would cause significant disruption to the global financial system and economic activity. In 2013, the IAIS adopted an assessment methodology to support recommendations on the identification of global systemically important insurers (G-SIIs) and policy measures to apply to these institutions (“G-SII policy measures”).

In light of the finalised Holistic Framework, the FSB, in consultation with the IAIS and national authorities, decided to suspend G-SII identification as of 2020. Based on the initial years of implementation of the Holistic Framework, the FSB decided to discontinue the G-SII identification in December 2022 and endorsed the Holistic Framework as an improved basis for its consideration of systemic risk in insurance.