Global banks have made good progress towards ensuring that they can be wound up without endangering the broader financial system, but more needs to be done at insurers and central counterparties (CCPs), says a report from the Financial Stability Board (FSB) published Thursday.

The examines the status of efforts to enhance the resolvability of systemically important financial institutions, which finds that substantial reforms have been adopted to mitigate the “too-big-to-fail” problem, particularly in the banking sector. There’s been less progress for insurance companies and CCPs, the report says.

“Despite the very substantial progress in improving banks’ resolvability, the ‘steady state’ for resolution plans has not yet been reached,” says Mark Branson, chair of the FSB resolution steering group and CEO of the Swiss Financial Market Supervisory Authority, in a statement. “Important legal, technical and operational challenges remain. And more work is needed to develop effective resolution regimes for insurers and central counterparties.”

The report concludes “it is important to keep the pressure up, on firms to continue strengthening their resolvability and complete the build-out of the necessary capabilities, and on authorities and lawmakers to complete and fully implement the necessary reforms.”

An FSB discussion paper published Thursday examines the financial resources that are required to support the resolution of CCPs, and the treatment of CCP equity in resolution. The importance of CCPs, “to the overall safety and soundness of the financial system means that authorities must take steps to ensure that CCPs do not themselves become a source of systemic risk”, and that CCPs can be resolved without resorting to a government bailout, the FSB says in a news release.

The FSB has concluded that further guidance on the financial resources required for CCP resolution should be developed based on hard evidence. To that end, its discussion paper “sets out considerations that may be relevant to evaluating whether existing financial resources and tools are adequate to implement resolution strategies for individual CCPs; and considerations that could guide authorities in developing possible approaches to the treatment of CCP equity in resolution.”

“The FSB is today releasing a consultation paper on how to evaluate the financial preparedness of CCPs for resolution. The subsequent guidance will form an important part of efforts to allow for the effective resolution of CCPs,” addsBranson.

Comments on the discussion paper, which will be delivered to the G20 Leaders’ Summit in Buenos Aires later this month, are due by Feb. 1, 2019.