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Written by leading academics, researchers and insurance industry experts, this book offers a diversified perspective on how the regulatory and supervisory framework for the insurance sector will develop over the coming years. It is supported by The Geneva Association, the world-leading insurance think-tank of the private industry.
Patrick M. Liedtke is Secretary General and Managing Director at The Geneva Association, Switzerland. He is Editor-in-Chief of The Geneva Papers on Risk and Insurance - Issues and Practice, and Editor of the Insurance and Finance newsletter. Jan Monkiewicz is Professor in Financial Management at Warsaw University of Technology, Poland. He is on the editorial board of The Geneva Papers on Risk and Insurance - Issues and Practice, and Editor of the PROGRES newsletter of The Geneva Association.
Table of Contents
Preface; D.Kessler Introduction; P.M.Liedtke & J.Monkiewicz PART I: THE GLOBAL FRAMEWORK Insurance Activity as a Regulatory Object: Trends and Developments and their Appreciation in the Context of Post-Crisis Global Markets; P.M.Liedtke Economic Rationale for Insurance Regulation; W.J.Kwon Global Financial Architecture and Insurance Sector; E.Denters Insurance and Financial Stability; P.Braumüller & A.Warzilek PART II: THE SUPERVISORY DIMENSION Quality of Regulation and Supervision; I.Tower Solvency as a Focal Point of Prudential Regulation: Supervisory Lessons and Challenges; R.Curtis The Architecture of Insurance Supervision Before and After the Financial Crisis; D.Masciandaro & M.Quintyn PART III: MARKET DIMENSION The Role of Market Discipline in the Insurance Industry; M.Eling Insurance Group Supervision: Addressing the Emergence of Adverse Network Dynamics; M.Mächler Credit Default Swaps: Towards Tighter Regulation of the 'Shadow Insurance Sector'; N.Jassaud & S.Schich The Regulation of Global Reinsurance Markets: Current State of Affairs and Future Challenges; P.Brahin PART IV: STAKEHOLDER PROTECTION Challenges and Approaches in the Consumer Protection in the Insurance Industry; S.Tennyson Insurance Guarantee Funds and their Relation to Solvency Regulation; H.Schmeiser & P.Rymaszewski Government Intervention in Insurance: an Examination of the Risk of Moral Hazard; M.Flamée & P.Windels Systemicness of Insurance Companies: Cross-Border Aspects and Policy Implications; A.Houben & M.Teunissen PART V: DEVELOPED MARKETS PERSPECTIVE Regulatory Challenges and Developments in the United States; T.Vaughan Regulatory Challenges and Developments in the European Union; K.van Hulle Regulatory Challenges and Developments in Japan; Y.Hayasaki PART VI: EMERGING MARKETS PERSPECTIVE China's Insurance Regulation: Framework, Issues and Prospects; W.Zheng Regulatory Challenges and Developments in Latin America; M.Aguilera-Verduzco Regulatory and Supervisory Issues and Challenges in Russian Insurance Sector in the Aftermath of the Transformation; M.Monkiewicz PART VII: INTERNATIONAL ISSUES Insurance Regulation: Mutual Recognition, Equivalence and International Standards; B.Kading & L.Madeiros Regulatory Future of International Insurance Centers; M.Ramella International Trade Agreements and their Impact on Regulation and Supervision of Insurance Services; J.Arkell