In this sense, policy priority should be placed on ex-ante measures to restrain a buildup of financial imbalances instead of ex-post measures to clean up the mess after a bubble bursts.
We coordinated with the states and the NAIC to ensure that there would not be unnecessary duplication and burden between our two capital frameworks. While the Building Block Approach and Group Capital Calculation cannot be exactly aligned due to reasons that include our different legal mandates and restrictions, this collaboration has been successful.