LONDON (Reuters) - A global list of insurers that must comply with tougher rules won’t be updated this year because its compilation could change, the Financial Stability Board said on Tuesday.
Reuters reported the rethink earlier this month, marking a big win for insurers following pressure from the U.S. Treasury.
The FSB, which coordinates financial rules across the Group of 20 (G20) economies, updates its list of globally systemic insurers each November.
The Basel, Switzerland-based FSB said work on developing a different approach to compiling to list by focusing more on an insurer’s activities rather than size or cross-border reach, “may have significant implications for the assessment of systemic risk in the insurance sector”.
The FSB will review progress on the activities based approach in November 2018.
Reporting by Huw Jones; editing by Jason Neely