Der Verh?ltnism??igkeitsgrundsatz im Anwendungsbereich des Solvency II-Regimes unter besonderer Berücksichtigung firmeneigener (Rück-)Versicherungsunternehmen

The principle of proportionality is the cornerstone of the new principle-based and risk-oriented approach to regulation pursued by the Solvency?II directive. The article discusses the contents and scope of the principle of proportionality and analyzes the requirements that the principle sets for the new regulatory framework as it applies to captive insurance undertakings. Due to the special characteristics of their business model and their risk exposure, which differ substantially from those of commercial insurance undertakings, the new rules are expected to be particularly onerous for captives at the level of all three pillars of Solvency?II. This threatens the viability of captives solutions as an instrument for an effective and efficient risk management. The article concludes that a stringent application of the principle of proportionality offers solutions for the difficulties that captive insurers are facing as a result of the new regulatory framework. The conclusions drawn in this article should also apply to other insurance undertakings, in particular smaller and medium-sized insurers, for which the new rules are expected to be similarly onerous.