The Higher Loss Absorbency Requirements developed for global systemically important insurers are expected to be endorsed by G20 finance ministers in Turkey today.

The requirements were adopted by all members of the International Association of Insurance Supervisors (IAIS) at its AGM in Morocco last week.

The global systemically important insurers include AIG, Allianz, MetLife and Ping An.

Delegates at the IAIS AGM also adopted a number of Insurance Core Principles on licensing, suitability of individuals, corporate governance, risk management and supervisory co-operation.

They also adopted a paper providing guidance to insurance supervisors on the regulation and supervision of captive insurers or reinsurers.

UK Prudential Regulation Authority Director of Financial Policy Victoria Saporta was elected as the new IAIS chair.

Dr Saporta succeeds Felix Hufeld, who has stepped down after being appointed President of the German Federal Financial Supervisory Authority.

Australia’s representative on the IAIS executive committee continues to be Australian Prudential Regulation Authority EGM Specialised Institutions Division Keith Chapman.