relatively steady capacity, business volumes and prices.” The report concluded that insurers’ limited sizes could not have excessively disruptive effects. In addition, insolven-cies develop slowly and can sometimes be headed off by raising capital or structured winding down of operations.
“However, during the financial crisis, a
small number of quasi-banking ac-
tivities conducted by insurers either
caused failure or triggered signifi-
cant difficulties,” the association
acknowledged.
Should insurers be engaging in derivatives trading with their non-insurance companies or mismanaging short-term funding strategies, this could have a larger impact, the Geneva report said.
The association recommended that
five steps could strengthen financial
stability, including:
The implementation of a com- •
prehensive, integrated and
principle-based supervision frame-
work for insurance groups, in order
to capture, among other things, any
non-insurance activities such as ex-
cessive derivative activities;
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