Summary of document history
Recovery and resolution planning requirements are a fundamental component of effective resolution regimes for financial institutions, including insurers.
In 2022, the FSB announced it would discontinue identifying global systemically important insurers (G-SIIs) and would, among other things, provide guidance regarding approaches to determine the scope of application to insurers of the FSB Key Attributes of Effective Resolution Regimes for Financial Institutions.
This report offers a structured approach for authorities to assess which insurers should be subject to recovery and resolution planning (RRP) requirements, consistent with the FSB’s Key Attributes. The guidance outlines criteria authorities should use to assess whether an insurer should be subject to RRP requirements and the circumstances under which RRP requirements should always apply.
The approach helps to promote consistency in the application of the Key Attributes across jurisdictions, while leaving some flexibility to accommodate differences in market structures, legal frameworks, and supervisory practices.
The guidance may also help authorities in determining which insurers to report to the FSB’s list of insurers subject to resolution planning standards consistent with the Key Attributes. This list is published annually in the FSB Resolution Report and on the FSB’s website.
