The Ministry of Finance has asked the companies for a report on their exposure to the ten largest reinsurance groups they work with, correct to June 30.
Supervisor of Capital Markets, Insurance and Savings Yadin Antebi is continuing his efforts to quantify the exposure of insurance companies in Israel to potential developments in the global financial crisis. The Ministry of Finance issued a directive today to insurance companies instructing them to forward an updated report on their exposure to reinsurers.
The Ministry of Finance has asked the companies for a report on their exposure to the ten largest reinsurance groups they work with, correct to June 30 (the last quarterly financial statements). The Ministry of Finance has stipulated that reinsurance groups includes all those companies that have mutual material business relationships - such as, for example, the reinsurance companies owned by AIG, which recently collapsed and had to be bailed out by the US government.
Published by Globes [online], Israel business news - www.globes-online.com - on September 24, 2008
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