Worldwide:
IAIS Consults On Higher Loss Absorbency Requirement For Global Systemically Important Insurers
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On June 25, 2015, the International Association of
Insurance Supervisors (IAIS) published a consultation paper on the
higher loss absorbency (HLA) requirement for global systemically
important insurers (G-SIIs), seeking feedback on several options
relating to the design, development and calibration of the HLA.
The primary purpose of the HLA is to help reduce the probability
and impact on the financial system of the distress or failure of a
G-SII. When the HLA requirement is implemented G-SIIs will be
expected to hold regulatory capital that is not less than the sum
of the required capital amounts from the basic capital requirements
(BCR) and the HLA.
The HLA is to be delivered to the G20 for endorsement in
November 2015 and will apply to G-SIIs from 2019.
The consultation closes on August 21, 2015.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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