Insurance Supervision Outside the EU
Introduction
Risk Management
Financial Economics of Insurance
Underwriting Risks: Life Risk and Non-life Risk
Investment Risks: Market, Credit and Liquidity Risk
Non-financial Risks: Operational and Business Risk
The Financial Crisis: Consequences for Insurers
Insurance Supervision: From Solvency I to Solvency II
Insurance Supervision Outside the EU
Pillar I of Solvency II
Pillar II of Solvency II
Pillar III of Solvency II
Accounting Regulations
Banking Supervision: From Basel I to III
Management Control
Organising Risk Management
Bringing All the Strands Together
The previous chapter discussed how the regulatory framework for insurers in Europe was being updated through Solvency II. This initiative does not stand alone, but fits into a global trend of enhanced insurance regulation and supervision. This chapter will discuss a couple of initiatives that illustrate this point, and which serve as a counter example to Solvency II.
We will start by analysing the global initiative of the global supervisory forum, before looking at four separate insurance markets: the US, UK, Switzerland and Singapore. These markets are sufficiently different for there to be variation in their supervisory approaches. However, as will be demonstrated, they are all moving towards a more risk-based supervision that we can also see in Solvency II.
INSURANCE CORE PRINCIPLES
The International Association of Insurance Supervisors (IAIS) is a global forum whose members are insurance regulators from about 140 countries. Its objectives are to promote consistency in insurance regulation across nations to ensure global financial stability and policyholder protection. While the IAIS publishes standards and guidelines on behalf of all its members, its publications do
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@risk.net