With his bronze medal, Bruno Julie has got tiny Mauritius a coveted place in the Hall of Fame among the giants of the global sports world. But his incomparable performance led me to a wry reflection which I would like to share with you.
The financial crisis taught us that certain activities in an insurance enterprise--for instance, derivatives activity--could pose risks to the enterprise that may not always be reflected through affiliates subject to capital regimes. To address regulatory gaps and arbitrage risks, like those made manifest in the financial crisis, the BBA generally would apply bank regulatory capital requirements to nonbank/non-insurance building blocks.