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Insurance regulation and the credit crisis. What’s new?

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  • Ferro, Gustavo

Abstract

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.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 22296.

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Date of creation: Feb 2010
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Handle: RePEc:pra:mprapa:22296

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Keywords: regulation; insurance; financial crisis; integrated supervision; financial conglomerates;

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References

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  1. Anton van Rossum, 2005. "Regulation and Insurance Economics," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan, vol. 30(1), pages 43-46, January.
  2. Martin Eling & Hato Schmeiser & Joan T. Schmit, 2007. "The Solvency II Process: Overview and Critical Analysis," Risk Management and Insurance Review, American Risk and Insurance Association, American Risk and Insurance Association, vol. 10(1), pages 69-85, 03.
  3. Mathias Dewatripont & Jean Tirole, 1994. "The prudential regulation of banks," ULB Institutional Repository, ULB -- Universite Libre de Bruxelles 2013/9539, ULB -- Universite Libre de Bruxelles.
  4. Sebastian Schich, 2009. "Insurance companies and the financial crisis," OECD Journal: Financial Market Trends, OECD Publishing, OECD Publishing, vol. 2009(2), pages 123-151.
  5. repec:idb:brikps:34878 is not listed on IDEAS
  6. Scott Harrington, 2006. "Federal Chartering of Insurance Companies: Options and Alternatives for Transforming Insurance Regulation," NFI Policy Briefs, Indiana State University, Scott College of Business, Networks Financial Institute 2006-PB-02, Indiana State University, Scott College of Business, Networks Financial Institute.
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Cited by:
  1. Ferro, Gustavo & Castagnolo, Fermando, 2010. "Seguros, crisis, regulación y disciplina del mercado
    [Insurance, crisis, regulation and market discipline]
    ," MPRA Paper 25593, University Library of Munich, Germany, revised 01 Oct 2010.

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