Ferro, Gustavo (2010): Insurance regulation and the credit crisis. What’s new?
Download (100kB) | Preview
Prior to the 2008 global credit crisis, some developments had occurred in the regulation of the insurance industry worldwide. At different speeds, the world was heading toward a more risk-based solvency regulation and some convergence on principles and criteria. We see a common thread in the present discussion and in the way events happened. We consider that the great debate in the industry is a fundamental decision: whether to engage in other than core business activities. If the industry focuses on its insurance business, the argument for specialized regulation and the continuity of a conservative and prudent line of business is strong. Instead, if the industry deepens its identification with other lines of financial business, the specialized supervision arrangement does not hold. The move entails both possibilities of new, riskier and promising business, but also perils, since the industry “buys” the systemic characteristics that distinguish other financial institutions.
|Item Type:||MPRA Paper|
|Original Title:||Insurance regulation and the credit crisis. What’s new?|
|Keywords:||regulation; insurance; financial crisis; integrated supervision; financial conglomerates|
|Subjects:||L - Industrial Organization > L5 - Regulation and Industrial Policy > L51 - Economics of Regulation
G - Financial Economics > G2 - Financial Institutions and Services > G22 - Insurance ; Insurance Companies ; Actuarial Studies
|Depositing User:||Gustavo Ferro|
|Date Deposited:||26. Apr 2010 07:26|
|Last Modified:||23. Feb 2013 18:46|
Appleton, Paul (2009). “IFRS Phase II and Solvency II”. Ettudes et Dossiers N° 350. The Geneva Association. February.
Baltensperger, Ernst, Peter Buomberger, Alessandro Iuppa, Benno Keller and Arno Wicki (2008). Regulation and Intervention in the Insurance Industry - Fundamental Issues. The Geneva Reports. Risk and Insurance Research. The Geneva Association. February.
Chandler, Seth J. (2000). “Insurance Regulation”. In Encyclopedia of Law and Economics, ed. Boudewijn Bouckaert. Cheltenham, U.K.: Edward Elgar Publishing.
CRO forum (2009). Insurance Risk Management Response to the Financial Crisis.
Cummins, D, S. Harrington and G. Niehaus (1994). “An Economic Overview of Risk-Based Capital Requirements for the Property/Liability Industry”. Journal of Insurance Regulation 11.
Demaestri, Edgardo and Diego Sourrouille (2003). “Integrated Financial Regulation and Supervision: Experiences in Selected Countries”. Sustainable Development Department. Technical Papers Series. IFM-139. Inter-American Development Bank. December.
Demaestri, Edgardo and Federico Guerrero (2003). “The Rationale for Integrating Financial Supervision in Latin America and the Caribbean”. Sustainable Development Department. Technical Papers Series. IFM-135. Inter-American Development Bank. July.
Demaestri, Edgardo and Gustavo Ferro (2004). “Integrated Financial Supervision and Private Pension Funds”. In Supervising Private Pensions: Institutions and Methods, issue no. 6 of the Private Pension Series, OECD. September.
Dewatripont, Mathias and Jean Tirole (1994). The Prudential Regulation of Banks. Cambridge: MIT Press. Walras-Pareto Lectures N° 1.
Doff, René (2008). “A Critical Analysis of the Solvency II Proposals”. The Geneva Papers 2008, 33. The Geneva Association.
Eling, Martin and Ines Holzmüller (2008). “An Overview and Comparison of Risk-Based Capital Standards”. Working Paper on Risk Management and Insurance. Institute of Insurance Economics, University of St. Gallen. June.
Eling, Martin, Hato Schmeiser and Joan T. Schmit (2008). “The Solvency II Process: Overview and Critical Analysis”. Risk Management and Insurance Review, Vol. 10, No. 1.
Ezawa, Masahiko (2009). “Key Notes: Latest Industry Movement and Required Actions”. Accenture.
Grace, Martin and Robert Klein (2009). “Insurance Regulation: The Need for Policy Reform”. In The Future of Insurance Regulation, forthcoming Brookings Institution Press (Martin Grace and Robert Klein, Editors).
Grace, Martin, Robert Klein and Richard Phillips (2003). “Insurance Company Failures: Why Do They Cost So Much?” Georgia State University Center for Risk Management and Insurance Research Working Paper No. 03-1.
Geneva Association (2008). “The Credit Crisis and the Insurance Industry. Ten Frequently Asked Questions”. SC 2 Insurance and Finance, November 19th.
Harrington, Scott (2006). “Federal Chartering of Insurance Companies: Options and Alternatives for Transforming Insurance Regulation”. Prepared for the Third Annual Insurance Reform Summit, Networks Financial Institute, Washington DC. NFI at Indiana State University, Policy Brief 02, March.
Holzmüller, Ines (2008). “The United States RBC Standards, Solvency II, and the Swiss Solvency Test: A Comparative Assessment.” Working Papers on Risk Management and Insurance N° 59. Institute of Insurance Economics, University of St. Gallen. August.
Klein, Robert (2008). Interview. In The Forecaster. December.
Klein, Robert (2000). “Regulating Insurer Solvency In a Brave New World”. Center of Risk Management and Insurance Research. Georgia State University. September 21.
Liedtke, Patrick (2009). “Desafíos y oportunidades de la actividad aseguradora internacional”. Presentation at 4° Seminario Latinoamericano de Seguros y Reaseguros. Buenos Aires, May.
Litan, Robert (2009). “Regulating Insurance After the Crisis”. Initiative on Business and Public Policy at Brookings. Fixing Finance Series 2009-02. The Brookings Institution.
Pan European Insurance Forum (2009). “Insurance View. Regulatory Consequences of Financial Crisis”. PEIF. Paris.
Schich, Sebastian (2009). “Insurance Companies and the Financial Crisis”. OECD Journal Financial Market Trends, volume 2009, issue 2. October.
Skipper Jr., Harold and Robert Klein (1999). “Insurance Regulation in the Public Interest: The Path Towards Solvent, Competitive Markets”. Prepared for The Coordinating Committee on International Insurance Issues Coalition of Service Industries. Center for Risk Management and Insurance Research. Georgia State University.
The Task Force (2009). “Principles on Financial Reform. A Bipartisan Policy Statement”. The Pew Charitable Trusts, Brookings Institution. December.
Van Rossum, Anton (2005). “Regulation and Insurance Economics”. The Geneva Papers 2005, 30. The Geneva Association.
World Bank and International Monetary Fund (2005). Financial Sector Assessment. A Handbook. The World Bank and the International Monetary Fund. Washington DC.
Available Versions of this Item
- Insurance regulation and the credit crisis. What’s new? (deposited 26. Apr 2010 07:26) [Currently Displayed]