The Financial Stability Board (FSB) has posted a collection of national financial services reform reports.
In the reports, the 24 participating countries and other jurisdictions tell the FSB, Basel, Switzerland, how they have done at implementing financial services reforms since a major Group of 20 summit held in Washington in November 2008.
The G20, a group for developed economies, set up the FSB, Basel, Switzerland, to help develop strategies for increasing the stability of the world financial system.
One question on the FSB progress report questionnaire asks participants about efforts to strengthen the regulatory and capital framework for monoline insurers.
Russia says only that its efforts in that area are ongoing.
France says the French Prudential Supervisory Authority has more closely supervised the French operations of monoline insurers that reinsured by American companies and are now in run-off. Solvency II, a major new European risk-based regulatory framework, will start taking effect at the end of 2012, that will strengthen requirements for monoline insurers, French officials say.
The United States says U.S. state insurance regulators hope to emulate an approach developed by the New York State Insurance Department. The New York department has developed specific guidelines for insurers’ financial guaranty programs, officials say.
- Allison Bell