Joint IIF/GA Response to the FSB Consultation on Recovery and Resolution Planning for Systemically Important Insurers

The joint Task Force noted in particular that there are likely to be few critical functions in insurance and that a definition of critical functions must focus on activities that have a material impact on both the financial system and the real economy. In general, the IIF/GA RRP Task Force supports the IAIS' efforts in exploring various possible solutions to accommodate differences across markets, business models and product offerings across jurisdictions.