Statutory or book reserve capital requirements, a mainstay of continental European insurance regulation, may come under pressure as practitioners digest the results of a field test of new solvency rules conducted by Switzerland's insurance regulator. The Bundesamt fur PrivaTVersicherungen (BPV) proposed the new rules, known as the Swiss Solvency Test (SST), in 2003, but only this year has a full impact study been conducted.
In its original formulation, the SST was intended purely as a
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