National and global policymakers zooming in on non-bank financial institutions

Enhanced scrutiny of financial institutions in the wake of the Silicon Valley Bank (SVB) and Credit Suisse failures could lead to unnecessary regulatory pressure being piled on insurers with consequences for policyholders and industry, the Global Federation of Insurance Associations (GFIA) has warned.

Insurers are wary of a repeat of regulatory actions seen following the 2008 financial crisis, when there was a tendency for the insurance sector to find itself encompassed within banking regulations, one example being efforts to tackle systemic risk under cumbersome G-SII designations.

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