The Solvency II Process: Overview and Critical Analysis |
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| Authors: | Martin Eling Hato Schmeiser Joan T. Schmit |
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| Affiliation: | Martin Eling and Hato Schmeiser are with University of St. Gallen, Switzerland. Joan T. Schmit is with University of Wisconsin-Madison and is also visiting professor, University of St. Gallen, Switzerland. |
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| Abstract: | As early as the 1970s, European Union (EU) member countries implemented rules to coordinate insurance markets and regulation. However, with the more recent movement toward a general single EU market, financial services regulation has taken on new meaning and priority. Solvency I regulations went into effect for member nations by January 2004. The creation of risk-based capital standards, the main focus of Solvency II, now appears likely sometime after 2007. The purpose of the discussion presented here is to outline the specifics of Solvency II as they currently stand and suggest important areas of future research. |
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