So his solution is to have the insurance pool be run by the G20. To
encourage all countries to join the pool, he suggests: “make
participation in this pool a condition for continued membership in a
body such as the Financial Stability Board, where all countries would
like to have a seat as it will have an important role in developing
principles for international financial regulation.”

The idea that the G20 can stop the next crisis by issuing insurance premiums is valid by solving the 3 bad points of the IMF.

Three bad points of the IMF are:
1. “the (much-needed) austerity policies that the IMF foists upon
countries has made any involvement with the IMF toxic for politicians in
emerging markets, especially in Asia.”
2. “IMF programs to pre-qualify countries for emergency assistance
carry their own stigma. Application for prequalification could itself be
seen as a sign of weakness.”
3. “IMF resources are simply not enough.”

Solution solved especially for Asia.