The Global Federation of Insurance Associations (GFIA) has asked the International Association of Insurance Supervisors (IAIS) to address industry concerns about its proposed methodology to identify global systemically important insurers (G-SIIs). Major issues remained unresolved and time is running out, the GFIA said. In a letter to Paul Sharma, who chairs the IAIS financial stability committee, GFIA chair Frank Swedlove said the insurance systemic risk discussion was a particular concern. He wrote that the GFIA, which represents firms that account for 87 percent of insurance premiums globally, appreciated the IAIS's efforts to develop an approach that considers insurance specificities. He said, however, that questions remained unanswered as the G-SII identification process neared its final stage. Some of the issues were complex, and further industry exchange was needed, he said. Wrong size He called for acknowledgement that a "one size fits all" approach was inappropriate
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