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Financial Stability Board
Background
Last Updated: 9/29/2025
In response to the 2008 global financial crisis, as a successor to the Financial Stability Forum (FSF). The FSF was founded in 1999 by the G7 Finance Ministers and Central Bank Governors and was re-established as the Financial Stability Board with an expanded membership, a broader mandate to address vulnerabilities affecting the global financial system, and the charge to develop and promote the implementation of effective supervisory and regulatory policies .
The FSB was created expressly to coordinate at the international level the work of national financial authorities and international standard setting bodies and to develop and promote the implementation of effective regulatory, supervisory and other financial sector policies in the interest of financial stability. The FSB brings together national authorities responsible for financial stability in all the G20 economies as well as the important financial centers of . The FSB also includes 鈥渟tandard-setters and regional bodies,鈥 such as the and .
The FSB is by Andrew Bailey, Governor of the Bank of England. Its Secretariat is hosted by the Bank for International Settlements (BIS) in Basel, Switzerland and overseen by the . The FSB consists of a Plenary, a Steering Committee, and other committees and sub-groups as needed. The Plenary is the decision-making organ of the FSB. The Steering Committee 鈥減rovides operational guidance between plenary meetings to carry forward the directions of the FSB,鈥 and of central bankers and national banking/financial services regulators. The U.S. is represented on the Steering Committee by the Federal Reserve System, the U.S. Department of Treasury, and the Securities and Exchange Commission (SEC).
Since its inception, the FSB has advanced a major program of financial regulatory reforms to address perceived shortcomings in the financial system exposed by the crisis while striving to create consistent rules and a level playing field across countries and sectors. The FSB has been tasked with providing recommendations and exploring how to treat (G-SIFIs) so as to prevent another financial crisis.
The FSB defines G-SIFIs as "institutions whose distress or disorderly failure, because of their size, complexity and systemic interconnectedness, would cause significant disruption to the wider financial system and economic activity." At the direction of the FSB, the IAIS established an for the identification of (G-SIIs), and a set of policy measures that would apply to them.
Beginning in 2013, the FSB assessed and named multinational insurance groups it considered to be G-SIIs. In 2017, the FSB, in consultation with the IAIS and national authorities, opted to not publish a new list of G-SIIs and instead supported the work of IAIS to develop an activities-based approach to systemic risk. This work was adopted as the IAIS in 2019 and the FSB subsequently suspended G-SII identification at the beginning of 2020. In November 2022, based on , the FSB discontinued the annual identification of G- SIIs. This decision acknowledged that the holistic framework is more effective in assessing and mitigating systemic risk in the insurance sector than the G-SII Framework.
development and implementation of financial crisis reforms, the FSB assesses vulnerability to global financial stability and undertakes work on financial innovation, structural changes to the financial system and market and institutional resilience. As part of these efforts, the FSB has established . In August 2013, the FSB released its that confirms that the U.S. insurance regulatory system is effective at providing policyholder protection and ensuring the solvency of individual insurance companies.
Actions
The 不良研究所官方 and state insurance regulators provide input to the FSB through the IAIS and through regular dialogues with U.S. federal agency staff supporting the U.S. FSB delegation.
Meetings
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Contacts
Media queries should be directed to the 不良研究所官方 Communications Division at 816-783-8909 or news@naic.org.