International principles on home- and host-country responsibilities While the circumstances and risks may have changed, the issue of the appropriate roles of home and host countries is not a new one. Indeed, it was a key motivation for creation of the Basel Committee in 1975 following the failures of the Herstatt and Franklin National banks.
As we think back to 1994, and the step forward the IAIS represented for cooperation and coordination on insurance oversight, I think we can all marvel at how modest, relative to today, were the demands and the aspirations at that time for international standard-setting. On the one hand, insurance had been a global business for well over a century.