In particular, I appreciate the work of the IAIS to develop a Holistic Framework for the assessment and mitigation of systemic risk in the insurance sector. As I indicated a moment ago, I know that the IAIS is celebrating its twenty-fifth anniversary.
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.