Kelly Kirby

Abstract

This article examines the insurance industry’s role as a key player in the international financial system, focusing on how insurers and regulators are working toward greater cooperation and coordination—both domestically and globally—to help ensure that events like the 2008 Financial Crisis are not repeated. It highlights the rise of supervisory colleges and explains the need for states to participate meaningfully in these international forums, which have the potential to identify and mitigate systemic risk. The article details the benefits and challenges of such a broad scheme of international supervision and concludes by arguing that supervisory colleges represent an important step in the right direction for achieving effective international regulatory oversight.

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