The International Association of Insurance Supervisors’ (the “IAIS”) 2011 Annual Conference was held from 28 September 2011 to 1 October 2011 in Seoul, Republic of Korea. The theme for the conference was “Toward a New Horizon for Insurance Supervision: Cross-Sector and Cross-Border Harmonization and Cooperation”. Cross-sector and cross-border supervision has been an important topic in the insurance field since the financial crisis of 2008. The IAIS, along with a number of individual and regional jurisdictions, has been considering various regulatory reform regimes to address the potential risks to the global financial system presented by the insolvency of a large insurer or insurance group. Among the topics to be addressed at the conference is the methodology to be used in determining which insurers should be deemed global systemically important financial institutions (“G-SIFIs”). Designation as a G-SIFI could lead to increased regulatory requirements, including the possibility of a requirement to maintain higher levels of capital. The IAIS has been working on a methodology to identify which insurers should be deemed G-SIFIs. Early reports from the conference have stated that the IAIS expects to have a draft of its G-SIFI methodology and criteria by the first half of next year. The IAIS is working with the Financial Stability Board to draft rules and regulations governing insurers, including the treatment of G-SIFIs, in advance of the 2012 G20 Summit. Additional discussion of systemically important financial institutions and the various approaches to identifying systemically important financial institutions in regions such as the European Union and the United States will take place at a group panel at the conference entitled “Cross-Sectoral Debate on Financial Stability and Systemic Risk”.