Washington D.C., October 13, 2013 - The Institute of International Finance (IIF) today released the following statement on the occasion of the International Association of Insurance Supervisors (IAIS) Annual Conference, after the IAIS announced they would develop a global insurance capital standard by 2016.

"In light of the IAIS' announcement of the project to develop a global insurance capital standard, the IIF reiterates its support for an internationally consistent global regulatory framework in financial services. This framework should ensure a stable and resilient financial system, a global level playing field among internationally active firms and avoid regulatory arbitrage.

"There are a number of challenging areas that will need to be addressed before a global capital standard can be fully developed. Focus must be paid to ensuring the appropriate risk sensitivity of the framework, acknowledging diversification benefits as well as recognizing the wide variety of business models and institutional and legal frameworks that exist across firms and jurisdictions. This will require a robust exchange of views between the international insurance industry and the regulatory community. The IIF looks forward to playing a constructive role in this process while representing the views of the international insurance community."

The Institute of International Finance (IIF) is a global association of more than 470 financial institutions. Its mission is to support the financial industry in the prudent management of risks, including sovereign risk; the development of sound industry practices and standards; and the advocacy of regulatory, financial and economic policies that are in the broad interests of its members and global financial stability. Within its membership the IIF counts leading global banks, insurers, pension funds, asset managers and sovereign wealth funds, as well as leading law firms and consultancies. More information about the Institute of International Finance is available at www.iif.com.