"Going forward, the list of G-SIIs will be updated each year in November, starting from next year," the board said in a news release. It also said more "important" insurers would be "identified" in 2017.

But for now, it appears that most insurers have dodged G20's regulatory bullet. As one insurance executive observed, the fact that only nine were listed validates the industry's argument that insurers as a group don't represent a lot of risk for global financial markets.

The board's determination to keep close tabs on the insurers was clearly stated by Mark Carney, the board's chair.

"These policy measures will be followed over time by a substantially strengthened comprehensive regulatory and supervisory framework for all internationally active insurers. A sound capital and supervisory framework for the insurance sector is essential for supporting financial stability," he said.

Those on the list are: Allianz SE, AIG, Assicurazioni General S.p.A.. Aviva, Axa, MetLife, Ping An, Prudential Financial and Prudential plc.

The listees have been responding philosophically.  Typical was the comment by Dieter Wemmer, CFO of Allianz S.E.

"Even though we continue to be of the opinion that the insurance business in general, and Allianz in particular, does not represent a systemic risk, we acknowledge the decision of the FSB and will continue to support its efforts for more stable financial markets," he said.

Wemmer's position is pretty much that taken all along by the insurance industry, ever since G20 started its "systemically important" list-making process. Insurers claim it was the banks (celebrated on G20's first list) that caused the latest recession, not insurers, and that insurers are by their nature more conservative than banks.

G20 doesn't see it that way, and points to the industry's contributions to the financial collapse of 2008 as evidence that insurers need to be scrutinized.

The board has been mulling over how to provide oversight for major financial players since 2010. The idea is to make sure global financial institutions have crisis management strategies ready to engage when markets go sour, to avoid such unsightly bailouts as that of AIG, whose credit default swaps scheme led to its collapse and subsequent taxpayer subsidies.

But the board's policies go beyond the crisis management requirement. Those under scrutiny will have to prove they have the capital backing them up to withstand a major downturn.

The plans are being structured by the International Association of Insurance Supervisors and are scheduled to be completed in two stages — the first by the end of 2014, the second by the end of 2015.

Next summer, the board intends to release a list of reinsurers that will have to meet the global solvency requirements of G20.