Firms face cross-border regulation and must have living wills

Six insurers Axa, Aegon, Allianz, Aviva, Zurich and Swiss Re are on a list of 30 companies to be cross-border regulated by the Financial Stability Board (FSB) because of their systemic risks, the FT reports.

The FSB was set up in the summer to address systemically important cross-border financial institutions through the setting up of supervisory colleges made up of regulators from the countries in which the insurer operates.

The firms on the list will also be asked to start drawing up living wills – documents outlining how they could be wound up in the event of a crisis.

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