On 17 October 2012, the International Association of Insurance Supervisors released for consultation Policy Measures for Global Systemically Important Insurers. These measures take account of the specific nature of the insurance business model. It is mainly proposed to enhance supervision on Global Systemically Important Insurers, to separate traditional insurance activities from non-traditional, non-insurance activities and to adopt a cascading approach in relation to higher loss absorption capacity. Supervisors, insurers and other interested parties are encouraged to submit comments on the proposed policy measures by 16 December 2012 at the latest (please refer to the Legal and regulatory update - June 2012).