So when you're looking back on this pa- past eight years, what are you most proud of, and what proved to be the most challenging situations along the way?

Yeah, as you said, that it's, it's certainly been a lively time these past years.

I think there certainly have been some remarkable milestones for the IAIS over these years.

It's been a very intense period of standard-setting.

Much of this was linked to gaps already identified during the global financial crisis, including group-wide supervision and macroprudential supervision, all of the fault lines revealed by the crisis.

And if I look back, this has led to a lot of activity on some key initiatives, like the development of the common framework for the supervision of internationally active insurance groups or ComFrame for short, and the holistic framework for the assessment and mitigation of systemic risk, both of which we adopted in twenty nineteen.

And then, of course, the last big building block, which was the finalization of the insurance capital standard, the quantitative element of ComFrame, which you referenced and which we adopted in December twenty twenty-four.

[laughs] Okay.