An important new dimension of the regulatory environment in banking and insurance is the explicit reliance on market discipline. Expectation: A transparent market will require less overt intervention by regulators (market participants themselves force appropriate behavior)...

How do ratings fit in?, Financial crisis Issues, Financial Crisis Impact

For insurers conducting traditional activities: prudential measures need to recognize the medium and long term nature of the liabilities; appropriate buffers should be used effectively to minimize pro-cyclical effects...

Credit default swap portfolio securities lending program, inability to access capital markets, credit rating downgrade

Critical examination and reviwe of U.S Solvency Framework; Modernize, Modify, Ecpand, Eliminate, Enhance U.S regulatory system as appropriate; Examine international developments for potential use in U.S insurance regulation...

Level 1: Framework Directive, Level 2: Implementing Measures (Commission), Level 3: Convergent implementation assisted by close cooperation between national authorities, Level 4: Rigorous enforcement of Community legislation by the Commission...

Significant amount of work currently undertaken by CEIOPS; Some challenging times ahead; I will focus on two main workstreams: PRIPs and IMD Revision...

The process; A case for EU action; IGS in MS of the EU/EAA; Design Features; The outcome: What size?...

Three propositions: Insurance Companies can be systemic importance; Insurance companies should be subject to tougher regulation and supervision; Risks should be assessed on a group-wise basis...

All enterprises in the DJ sector Titans Insurance Index operate as groups of companies, and many other insurance groups exist, including legal entities domiciled in different jurisdictions...