IAIS Issues Updated G-SII Assessment Methodology: IAIS Updates Assessment Methodology for Designation of Global Systemically Important Insurers and Revises Framework for Assessing Systemic Risk From Insurance Product Features

Sullivan & Cromwell LLP - June 28, 2016

On June 16, 2016, the International Association of Insurance Supervisors (the “IAIS”) issued an updated assessment methodology for identifying global systemically important insurers (“G-SIIs”).  The updated methodology describes a five-phase approach to be used in the G-SII assessment and designation process and describes updates and revisions to the initial G-SII assessment methodology published by the IAIS in July 2013. The IAIS also issued on the same date a companion paper that describes the rationale for discontinuing the Non-Traditional Non-Insurance product label and its replacement with a revised framework for assessing potentially systemic insurance product features.