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.     

Die Risikoübernahme von Versicherungsunternehmen: Eine empirische Analyse für Deutschland und Großbritannien

In this paper we analyze the risk resulting from an insurer’s investment policy. For this a hypothetical asset return rate is defined, based on which the German and British insurance market is analyzed. The study design allows an investigation of the investment risk in different countries or for different lines of business. The aim of the analysis is to detect general market trends in the investment policy and an analysis of effects of important changes over time on the investment risk of insurers. The questions analyzed in this paper are also of particular relevance beyond the background of current reform proposal for insurance regulation in Europe in the field of risk management and capital adequacy (Solvency II).     

Neue Wege in der Kapitalanlage: Die Symbiose zwischen Banken und Versicherungen im Bereich der ‚Alternative Assets‘

The current low interest rates pose a major challenge in particular for life insurers. The introduction of Basel III in the banking and Solvency II in the insurance sector will have major impacts on both industries. This paper provides insight into possible products supplied by banks, which offer the possibility for life insurers to invest in ‘alternative assets’, especially in infrastructure projects. The focus lies on investments in infrastructure loans. If these are placed in a SPV, which itself emits bonds, the lowest amount of regulatory equity capital for both, the bank and the insurance company is required.     

Auswirkungen der Neuregelungen im Versicherungsaufsichtsrecht auf das Gesellschaftsrecht,insbesondere Geschäftsleiterhaftung und Managementvergütung

The article deals with the impact that recent legislation in German Insurance Supervision law concerning both directors’ liability and management remuneration exercises on the law of corporations applicable to insurance companies. In both areas the general rules of corporate law are presented first, followed by an examination of the specific new supervisory rules. Considering everything, three results may be named: (1) The principle that directors are bound to observe any relevant legal rule constitutes a link between the supervisory rules and the law of corporations; (2) the new legislation has lead to an increase of surveillance, and (3) in practice an efficient use of existing self-regulatory mechanisms within the corporation should make any intervention by supervisory authorities unnecessary.     

Das Dreiecksverhältnis zwischen Versicherer,Versicherungsnehmer und versicherten Personen in Innenhaftungsfällen der D&;O-Versicherung

The article deals with the rights and obligations between the policyholder, the insured directors and officers of the policyholder and the insurer in ‘Insured vs. Insured’ D&;O claims. Based on a case study where several directors commit wrongful acts the following questions will be examined: (1) whether or not the policyholder is entitled to directly claim damages from the insurer, (2) whether or not the policyholder violates its duties towards the insurer or the insured directors by its deliberate choice not to make claims against all insured at the same time but in different policy periods, and (3) which obligations has the policyholder towards its directors when there is not sufficient coverage to cover all claims of the policyholder against the directors.     

I. Neuerscheinungen versicherungswissenschaftlicher Bücher 2001 / 02 (Stand: 30. September 2002)

Schrifttum

I. Neuerscheinungen versicherungswissenschaftlicher Bücher 2001 / 02 (Stand: 30. September 2002)     

Of substitutes and complements: trade credit versus bank loans in Japan, 1980–2012

Review of Quantitative Finance and Accounting - This paper explores the interplay of trade credit and short-term bank loans between 1980 and 2012 in Japan. Many of the issues discussed for the U.S....     

“Life Expectancy in the Future: A Summary of a Discussion among Experts”, Robert B. Friedland,October 1998

Abstract

In this paper we present an econometric model of implied volatilities of S&;P500 index options. First, we model the dynamics the CBOE VIX index as a proxy for the general level of implied volatilities. We then describe a parametric model of the implied volatility surface for options with a term of up to two years. We show that almost all of the variation in the implied volatility surface can be explained by the VIX index and one or two other uncorrelated factors. Finally, we present a model of the dynamics of these factors.