Developing Effective Resolution Strategies and Plans for Systemically Important Insurers: Overview of Responses to the Public Consultation
On 3 November 2015, the Financial Stability Board (FSB) published a consultative document – Developing Effective Resolution Strategies and Plans for Systemically Important Insurers (Guidance) – that proposed guidance to assist authorities in developing effective resolution strategies and plans for systemically important insurers. The proposal also incorporated elements from the Guidance on Identification of Critical Functions and Critical Shared Services, which was the subject of a separate consultation in 2014.
This note provides an overview of responses to the consultation. The FSB received 16 responses to the public consultation from individual insurers, industry associations and a law firm. Respondents generally welcomed the FSB’s initiative to develop Guidance to assist authorities in meeting the resolution planning requirements under the FSB Key Attributes of Effective Resolution Regimes for Financial Institutions (Key Attributes).