America’s lack of effectiveness at the level of international insurance issues is a major factor in the US administration’s proposal to introduce a federal element into America’s state-based system of insurance regulation via an Office of National Insurance (ONI) within the US Treasury.

Industry pleased as one regulator recognises the distinction, but is still fearful that the G20 will treat them the same As one top European regulator pleases insurers by recognising a clear distinction between insurance firms and banks, fears remain that an innocent industry could suffer in the regulatory backlash caused by the global financial crisis.

Regulators now exert almost as much influence over insurers’ risk management policies as senior management, the findings of a recent worldwide survey show. That’s a noticeable change from a year ago when top management was seen as having the greatest sway by some margin.

Proposals for a macro/micro-prudential supervision framework win political backing. But tough wrangling lies ahead over precise details By Melvyn Westlake

Systemic risk powers, more regulators, and oversight of unregulated markets sought. Congress, regulators, industry fight their corners By Nick Paraskeva

Wide-ranging investigation into causes of the financial crisis could have worrying outcome for regulators and bankers

Growth in protectionist measures threatens global recovery. A new study calls for urgent G20 action to roll them back

Fed powers over systemic firms

Despite political pressure, global accounting standard-setter wants to work to its own deadlines for fair value changes

The International Accounting Standards Board (IASB) issued long-promised proposals in May that would replace fair value guidance contained in individual International Financial Reporting Standards (IFRS) with a single, unified definition of fair value.