Capital Requirements, Disclosure, and Supervision in the - download pdf or read online

By Maria Grazia Starita; Irma Malafronte;

ISBN-10: 1137390840

ISBN-13: 9781137390844

ISBN-10: 1349482757

ISBN-13: 9781349482757

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Read Online or Download Capital Requirements, Disclosure, and Supervision in the European Insurance Industry: New Challenges towards Solvency II PDF

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Extra resources for Capital Requirements, Disclosure, and Supervision in the European Insurance Industry: New Challenges towards Solvency II

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From this perspective, Basel II for the banking sector, the Markets in Financial Instruments Directive (MiFID) for markets and asset managers, the Solvency II Directive for insurers and reinsurers, and the recasting of the financial conglomerates Directive have helped to achieve a good but still improvable level of cross-sectorial consistency (EC, 2007) as prescribed by the FSAP. 1). This convergence is very important because it may reduce the cost of compliance for insurers and policyholders as well as for other stakeholders.

Before analysing the content of each pillar, this subsection analyses the three-pillar structure. 1 provides the scheme and the main aspects of the each pillar, making it easier to identify the relationships between the objectives of the Solvency II Directive. 1 describes the main aspects of each pillar of the three-pillar structure under Solvency II. First, the first pillar focuses on the quantitative requirements, such as the principles to calculate the technical provisions and the solvency requirements (the MCR and the SCR) as well as the principles that form the set of investment rules.

The main role of an insurer’s Board of Directors is to establish the overall risk profile and the set of strategies to achieve it, in addition to a strategy for solvency capital. The main role of the Senior Management is to establish policies and procedures implementing the strategies set by the Board of Directors. Finally, the role of the day-to-day operations staff is to identify, assess, manage, report, and control the risks the insurer is or might be exposed to. From this perspective, the aim of risk management is to cover all of the risks the insurer faces through the adherence to the risk strategies and risk procedures established by the Board of Directors and the Senior Management, respectively.

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Capital Requirements, Disclosure, and Supervision in the European Insurance Industry: New Challenges towards Solvency II by Maria Grazia Starita; Irma Malafronte;

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