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Taking Stock of the Solvency II Reform Project: Towards a New European Insurance Supervisory Framework

Taking Stock of the Solvency II Reform Project: Towards a New European Insurance Supervisory... Jens GAL & David SEHRBROCK * 1 INTRODUCTION Solvency II has occupied politics and the insurance industry significantly more than any other insurance supervisory reform project during the first decade of this century.1 European insurance supervisory law will be fully revised via the Solvency II Project, yet the implications of the said project are not limited to the insurance sector but go far beyond it. It is insofar to be expected that Solvency II will dominate the legal discourse regarding (insurance) supervisory law during the second decade as well. The present supervisory regime will be dramatically reformed by Solvency II in three major areas ­ which are figuratively referred to as three pillars.These three pillars are made up by the capital requirements of Pillar 1 (so-called quantitative requirements), the governance and especially risk management requirements (so-called qualitative requirements) and the provisions on the supervisory powers of the insurance supervisor, which together form Pillar 2, and the new transparency requirements of Pillar 3. Furthermore, the rules applicable to group supervision are considerably transformed. Solvency II aims to create a supervisory system that is more risk based, more transparent for consumers and ­ by an increased use of principle-based law http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png European Public Law Kluwer Law International

Taking Stock of the Solvency II Reform Project: Towards a New European Insurance Supervisory Framework

European Public Law , Volume 19 (2) – Jun 1, 2013

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Kluwer Law International
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Copyright © Kluwer Law International
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1354-3725
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Abstract

Jens GAL & David SEHRBROCK * 1 INTRODUCTION Solvency II has occupied politics and the insurance industry significantly more than any other insurance supervisory reform project during the first decade of this century.1 European insurance supervisory law will be fully revised via the Solvency II Project, yet the implications of the said project are not limited to the insurance sector but go far beyond it. It is insofar to be expected that Solvency II will dominate the legal discourse regarding (insurance) supervisory law during the second decade as well. The present supervisory regime will be dramatically reformed by Solvency II in three major areas ­ which are figuratively referred to as three pillars.These three pillars are made up by the capital requirements of Pillar 1 (so-called quantitative requirements), the governance and especially risk management requirements (so-called qualitative requirements) and the provisions on the supervisory powers of the insurance supervisor, which together form Pillar 2, and the new transparency requirements of Pillar 3. Furthermore, the rules applicable to group supervision are considerably transformed. Solvency II aims to create a supervisory system that is more risk based, more transparent for consumers and ­ by an increased use of principle-based law

Journal

European Public LawKluwer Law International

Published: Jun 1, 2013

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