Financial Stability Board reaffirms use of IAIS Holistic Framework assessments in place of annual global systemically important insurer designations

The Financial Stability Board (FSB) issued an updated public communication confirming that it will continue to discontinue the annual identification of global systemically important insurers (G-SIIs) and instead rely on assessments under the International Association of Insurance Supervisors (IAIS) Holistic Framework for Systemic Risk in the Insurance Sector. The statement replaces the FSB’s 2022 communication and follows an FSB review, conducted in consultation with the IAIS, of experience using IAIS Holistic Framework assessments. The IAIS will continue to provide the FSB with an annual update on the outcomes of the Global Monitoring Exercise, including its assessment of systemic risk from sector-wide trends in activities and exposures, potential concentration of risks at individual insurer level, and related supervisory responses, supported by data collected from insurers and supervisors. Based on these annual updates, the FSB may, in consultation with the IAIS and national authorities, publicly express views on whether any individual insurer is systemically important globally and on the application of Holistic Framework supervisory policy measures it considers necessary, and it may ask the IAIS for further analysis. Separately, the FSB will continue to publish a list of insurers subject to resolution planning and resolvability assessments consistent with the FSB Key Attributes of Effective Resolution Regimes for Financial Institutions, and may comment on the appropriateness and sufficiency of the reported set; consultation guidance on determining which insurers are subject to Key Attributes recovery and resolution planning requirements is expected to be finalised in 2026.