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The International Association of Insurance Supervisors has finalized new capital rules for the nine biggest insurers in the world, reported Reuters.
These insurers will have to hold more capital under the new rules that aim to prevent taxpayer bailouts of the industry in a crisis. Italy's Assicurazioni Generali S.p.A., China's Ping An Insurance Co. of China Ltd. and France's AXA S.A. are among the insurers. The global regulatory body has completed a two-part capital requirement for the nine insurers, whose failure could create chaos in global markets. The insurers must meet their combined capital requirements from 2019.