Regulators sign off on new global rules for insurers

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Financial Times 3w ago

Regulators sign off on new global rules for insurers - Financial Times

Quick Summary:

The new standard was approved on Thursday by 200 regulators, who are members of the International Association of Insurance Supervisors, at its annual meeting in Cape Town, South Africa.

A key step in reaching the agreement last month was a commitment by US insurance supervisors to bring their framework in line with the new global standard in the next two years.

The agreement, which follows more than a decade of talks, fulfils the objectives by G20 countries to harmonise insurance regulation, protect policyholders and strengthen the sector after the 2008 financial crisis.