Solvency II: A Dynamic Challenge for the Insurance Market
Foreword, by Ph.R. Wood
Acknowledgements
Introduction. Solvency II: Reasons behind a Handbook, by Francesco Vella
Unconventional Afterthoughts on Solvency II, by Mads Andenas
PART I. Solvency II: History, Legal Framework, Regulatory Issues and Perspectives
I. From Solvency to Omnibus. Historical Origins and Normative Evolution, by Alessandro V. Guccione
1. Introduction
2. The Origins of the Reform Process. The Cardiff European Council, the Drafting of the FSAP and the First Results of the Action Plan Relating to the Prudential Supervision of Insurance Undertakings
3. The Lisbon Strategy. The Solvency I Directives
4. Towards Solvency II
5. From Solvency II to Omnibus II
II. Financial Conglomerates: Definition and Supervision, by Giulia Giordano
1. Introduction
2. Financial Regulation
3. Definition of Financial Conglomerate
4. Supervision
5. The Powers of the Supervisory Authority
III. Objectives and Evolution of the New Supervisory Regime, by Renzo G. Avesani
1. Introduction
2. Regulation in the Insurance Industry
3. Long Term Guarantee Measures
4. A New Regulation Issue: Innovation in Insurance Sector
5. Concluding Remarks
IV. Corporate Governance, the Approach to Risk and the Insurance Industry under Solvency II, by Paola Manes
1. Background: Corporate Governance of Banks and the Financial Crisis
2. Risk in Financial Institutions
3. The Solvency II Project
4. Corporate Governance Requirements for Groups
5. Solvency II: Open Issues
V. Solvency II and Sovereign Bonds, by Astrid Iversen
1. Introduction
2. Calculation of Exposure to Sovereign Risk under Solvency II
3. Why Contracting with States Is Different: Risks Related
4. Contract Clauses and the Balancing of Interest
5. Concluding Remarks
VI. The Distribution of Insurance Products in the EU Regulation, by Maurizio Ragno
1. From the 1992 Recommendation on Insurance Intermediaries to the Insurance Mediation Directive
2. The Main Features of the Insurance Mediation Directive
3. The Insurance Intermediaries Directive: Preliminary Remarks
VII. Financial Supervision and New Transparency Obligations for Insurers: Introduction to Pillar III, by Adelaide Rossi
1. Introduction
2. Solvency II
3. Supervision and Information Transparency
4. Dialogue and Cooperation; Perspectives for the Future
PART II. Implementing Practices and Case Studies
Introduction to Part II, by Renzo G. Avesani
Main Contents/Structure of Part II, by Renzo G. Avesani
VIII. Pillar I. Risk Quantification, by Renzo G. Avesani, Gian Luca De Marchi, Elena Zingaretti and Antonio Amadei
1. Risk Mapping
2. Economic Balance Sheet
3. Own Funds
4. Capital Requirements
5. Authorization Process
IX. Pillar II: Risk Governance, by Renzo G. Avesani, Vittorio Corsano, Elena Zingaretti and Antonio Amadei
1. System of Governance
2. Data Quality
3. Own Risk and Solvency Assessment
4. Sovereign Debt
X. Pillar III: Risk Transparency, by Renzo G. Avesani, Vittorio Corsano, Elena Zingaretti and Antonio Amadei
1. Risk Transparency
XI. Case Studies, by Renzo G. Avesani, Gian Luca De Marchi, Elena Zingaretti and Antonio Amadei
1. Undertaking-Specific Parameters: A Practical Analysis
2. Loss Absorbing Capacity of Technical Provisions: A Practical Analysis
3. The Solvency Capital Requirement for Market Risk: A Practical Analysis
4. The Volatility Adjustment: A Practical Analysis
