In one group of countries, including the United States and a range of emerging market economies, COVID-19 infection rates have escalated. Another group of countries, including South Korea, China, New Zealand and much of Western Europe, have so far managed to get infection rates  down and keep them there.
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.