Abstract
Taking Germany as an example, this chapter explores how a rules based system of insurance supervision can change into an economic, risk-based system of supervision. It is a process, which most jurisdictions will have to undergo, if they aim to comply with the guidelines of the international association of insurance supervisors. We stress in particular regulation that applies to qualitative risk management.
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- 1.
We write this in 2013, when Solvency II has not yet been implemented. At the same time, some laws anticipating Solvency II are already in effect.
- 2.
We write this in 2013.
- 3.
This is a predecessor of the Euro.
- 4.
Comité Européen des Assurances, a federation of European insurers. In 2012 the CEA changed its name to Insurance Europe.
- 5.
The VAG is the German Insurance Supervisory Act.
- 6.
The RFB is basically a reserve for future policy holder dividends peculiar to the German insurance market.
- 7.
This standard model is often referred to as the “standard formula”.
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Kriele, M., Wolf, J. (2014). Solvency and Regulatory Questions. In: Value-Oriented Risk Management of Insurance Companies. EAA Series. Springer, London. https://doi.org/10.1007/978-1-4471-6305-3_8
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