The chairman of the AXA Group cautioned international and U.S. regulators and legislators not to place insurers in the same category as other troubled financial institutions suffering through the current financial crisis.

As policymakers move to make sweeping reforms of the regulatory framework, it is crucial that their initiatives be grounded in sound regulatory principles, said Henri de Castries, chairman of AXA's management board, adding that the current crisis underlines "the absolute necessity of a swift adoption of Solvency 2."

Mr. de Castries made his comments as chairman of the Pan European Insurance Forum (PEIF), a group of major European insurance companies, in a report issued today in Paris. The report, "Insurance View: Regulatory Consequences of Financial Crisis," focuses on the regulatory consequences of the financial crisis.