In Trinidad and Tobago, for instance, the proposal in the draft Insurance Act for a significant increase in regulatory capital will certainly tend to promote consolidation.
While many issues remain to be resolved, in Europe, in the US and elsewhere, we are, collectively, fundamentally reshaping the framework for systemic financial oversight:   First, top-down, system-wide oversight arrangements are being put in place at the national, regional and international level. These include more encompassing surveillance, with broadened macro-prudential perspectives, as well as mechanisms for triggering action on identified risks.