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Insurance Solvency Regulation: Regulatory Approaches Compared
Company: Université Libre de Bruxelles - Solvay Brussels School of Economics and Management
Company Url: Click here to open
Year Of Publication: 2010
Month Of Publication: August
Pages: 51
Download Count: 12
View Count: 1722
Comment Num: 0
Language: English
Source: working paper
Who Can Read: Free
Date: 9-19-2010
Publisher: Administrator
Summary
In this paper we compare the main regulatory frameworks: American (US RBC, Risk-Based-Capital), Swiss (SST, Swiss Solvency Test) and European (Solvency II). We improve on the existing literature by focusing on technical aspects of regulation schemes, particularly the capital requirements’ calculation and by including latest quantitative and qualitative improvements of the Solvency II project. The comparison concludes that Swiss and European systems are advanced regulatory processes in comparison with American regulation although the latter system was perceived as a revolution some years ago. Even if the Swiss regime and the future European directive are quite similar, there are also some key differences to highlight. European approach to determine regulatory capital is mainly risk-sensitive, based on risk measures, whereas US RBC is mainly based on static factors and accounting data reported in the audited statutory annual statement. The three systems also differ with regards to the u
Author(s)
Lorent, Benjamin Sign in to follow this author
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