(Bloomberg) — Nine too-big-to-fail insurers, including American International Group Inc., Allianz SE and MetLife Inc., must start reporting capital ratios next year using a method presented by regulators today.
The International Association of Insurance Supervisors has completed drafting “the first-ever global insurance capital standard,” the Basel-based body made up of regulators in almost 140 countries said in a statement today.
Regulators are trying to prevent widespread disorderly disruptions to financial markets that could be caused by the failure of large insurers, as happened with AIG’s near-collapse and bailout in 2008.
The Financial Stability Board, set up by the Group of 20 nations, published a list of nine institutions deemed systemically important in July 2013. It’s currently still considering which reinsurers merit a similar designation.