The international regulation of systemic risk: the role of the leading international organizations, groups and standard-setting bodies in shaping the post-crisis reform of insurance regulation

Regardless of the approach a country applies when regulating its insurance market, whether it chooses to regulate by reference to principles or rules, and irrespective of the level of sophistication of its financial centre, regard must be had by it to the agenda prescribed by a cohort of powerful international organizations, government groupings and standard-setting agencies. Notwithstanding that the relevant international standards are not ‘hard law’, the broad international homogeneity in the regulations that apply to insurance companies bears testament to the influence of this inter-connected web of bodies.