Lord Turner: insurers do not pose same risks as banks
Individual Insurance groups are unlikely to be among the large financial institutions earmarked for greater regulatory scrutiny, the Financial Times has quoted FSA chairman Lord Adair Turner as saying.
Lord Turner, who also sits on the Financial Stability Board (FSB), told a meeting of the International Association of Insurance Supervisors in Dubai that the FSB did not believe large insurers posed the same systemic risks as banks.
Had insurers been included on the list, they would have been likely to face higher capital requirements and reguolatory costs, the FT reported.
A preliminary list published last year included six insurers: Aegon, Allianz, Aviva, AXA, Swiss Re and Zurich Financial Services.
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