The insurance industry is global. Insurance and reinsurance companies are some of the largest financial players on the world stage. They assume and warehouse all manner of risk from every corner of the earth and serve as an enormous investor base in the financial community. Increasingly, risk is shared globally among traditional and new entrants in the market. Risk generated in one part of the world is distributed across multiple time zones to other participants in the market, whether they be other insurers, reinsurers, private equity sponsors or capital market investors. This constantly evolving industry requires regulatory regimes to adapt on a regular basis. Regulatory issues arising in one market may influence the way in which similar regulatory concerns are addressed in other markets. To understand the insurance industry, one must have a solid grasp of global developments.