Insurers are conducting a war of words with regulators trying to prevent a repeat of AIG’s collapse, as the industry makes a last-ditch effort to avoid capital surcharges.
In a series of submissions to global supervisors seen by the Financial Times, insurers warn that plans to designate some of them as too big to fail are incoherent, impractical and simplistic.
The industry is particularly concerned about the business areas regulators have included in a list of activities they consider “non-insurance”, “non-traditional” or “semi-traditional”.
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