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Solvency II: Setting the Pace for Regulatory Change

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  • Matthew Elderfield

    (Bermuda Monetary Authority, BMA House, 43 Victoria Street, Hamilton HM12, Bermuda.)

Abstract

The international regulatory environment for the insurance sector is experiencing an intense period of change. The issue of maintaining compliance with international standards has become an increasing priority for insurance regulators worldwide. In recent years the movement toward the global standardisation of insurance regulation has gained momentum, as the industry itself has become more globalised. The significant market turmoil over the past year that has had worldwide impact on the financial sector has added another complex dimension to this environment. This paper argues that there are three key regulatory trends that will impact the insurance industry in the short- to medium-term, based on two underlying key drivers of regulatory change over this time horizon. These drivers can be put simply and should be no surprise. They are: first, Solvency II and second, sub prime. The Geneva Papers (2009) 34, 35–41. doi:10.1057/gpp.2008.35

Suggested Citation

  • Matthew Elderfield, 2009. "Solvency II: Setting the Pace for Regulatory Change," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 34(1), pages 35-41, January.
    • Handle: RePEc:pal:gpprii:v:34:y:2009:i:1:p:35-41
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    Cited by:

    1. Meyricke, Ramona & Sherris, Michael, 2014. "Longevity risk, cost of capital and hedging for life insurers under Solvency II," Insurance: Mathematics and Economics, Elsevier, vol. 55(C), pages 147-155.
    2. Monika Wieczorek-Kosmala, 2019. "The Concept of Risk Capital and Its Application in Non-Financial Companies: A Sustainable Dimension," Sustainability, MDPI, vol. 11(3), pages 1-20, February.
    3. Kochanski, Michael, 2010. "Solvency capital requirement for German unit-linked insurance products," German Risk and Insurance Review (GRIR), University of Cologne, Department of Risk Management and Insurance, vol. 6(2), pages 33-70.

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