Solvency II – towards a new insurance supervisory system in the EU

Scandinavian Actuarial Journal

Volumn 2004, Issue 6, 2004, Pages 462-474

  Linder, Ulf ^a   Ronkainen, Vesa ^a  

^a EUROPEAN COMMISSION   (Belgium)

Author keywords

Capital requirement; Insurance supervision; Risk based capital; Solvency II; Solvency margin; Technical provisions

Indexed keywords

EID: 33947724991     PISSN: 03461238     EISSN: 16512030     Source Type: Journal    
DOI: 10.1080/03461230410000574     Document Type: Article

References (23)

1. Australian prudential standards for insurance companies, available on the APRA website: www.apra.gov.au.
2. The Conference of Insurance Supervisory Services of EU member states (the predecessor of the Committee of European Insurance and Occupational Pension Supervisors, CEIOPS): Report on prudential supervision of insurance undertakings, 2002. Available online at the Commission’s insurance website: http://europa.eu.int/comm/internal_market/insurance/
3. Dhaene, J., Denuit, M., Goovaerts, M. J., Kaas, R. & Vyncke, D. (2002a). The concept of comonotonicity in actuarial science and finance: theory, Insurance: Mathematics & Economics 31 (1), 3-33.
4. Dhaene, J., Denuit, M., Goovaerts, M. J., Kaas, R. & Vyncke, D. (2002b). The concept of comonotonicity in actuarial science and finance: Applications. Insurance: Mathematics & Economics 31 (2), 133-161.
5. Dhaene, J., Vanduffel, S., Tang, Q., Goovaerts, M. J., Kaas, R. & Vyncke, D. (2003): Capital requirements, risk measures and comonotonicity: A review, online at www.kuleuven.ac.be/insurance, publications.
6. Embrechts, P., McNeil, A. & Straumann, D. (2002). Correlation and dependence in risk management: properties and pitfalls. In M. A. H. Dempster (Ed.), Risk management: value at risk and beyond, pp. 176-223. Cambridge: Cambridge University Press.
7. European Commission report for the ECOFIN: Reporting requirements, Findings of the Forum Group, Final Synthesis report 2002. This and Official documents concerning Lamfalussy-decisions are available online at the Commission’s financial services’ web-site: http://europa.eu.int/comm/internal_market/en/finances/cross-sector/index.htm/
8. European Commission working papers MARKT/2535/02: “Considerations on the design of a future prudential supervisory system” and MARKT/2536/02: “Review of work”. All MARKT documents can be downloaded from http://europa.eu.int/comm/internal_market/insurance/solvency_en.htm
9. European Commission working paper MARKT/2056/01: “Banking rules - relevance for the insurance sector?”.
10. European Commission working paper MARKT/2085/01: “Risk-based Capital Systems”.
11. European Commission working paper MARKT/2539/03: “Reflections on the general outline of a framework directive and mandates for further technical work”.
12. European Commission working paper MARKT/2543/03: “Organisation of work, discussion on pillar 1 work areas and suggestions of further work on pillar 2 for CEIOPS”.
13. European Commission working paper MARKT/2502/04: “Solvency II - Further issues for discussion and suggestions for preparatory work for CEIOPS”.
14. The Financial Services Authority of the UK, FSA, consultation papers CP 190: Enhanced capital requirements and individual capital assessments for non-life insurers (July 2003), and CP 195: Enhanced capital requirements and individual capital assessments for life insurers (August 2003). Available online at www.fsa.gov.uk
15. IAA Insurer Solvency Assessment Working Party: A Global framework for insurer solvency assessment, 2004.
16. IAIS documents: insurance core principles, standards, guidance and on-going project papers, available at their website: http://www.iaisweb.org/
17. The Investment Commission Report: Proposal for a Modernised Solvency System for Insurance Undertakings. Executive Summary by Ajne M., in “Svenska aktuarieforeningen 1904-2004”, Stockholm, 2004.
18. Joshi, M. (2003). The concepts and practice of mathematical finance. Cambridge: Cambridge University Press.
19. The KPMG Solvency Study for the European Commission: Study into the methodologies to assess the overall financial position of an insurance undertaking from the perspective of prudential supervision, 2002. KPMG Solvency Study available online at the Commission’s insurance website: http://europa.eu.int/comm/internal_market/insurance/
20. Musiela, M. & Rutkowski, M. (1998). Martingale methods in financial modelling. Berlin Heidelberg: Springer-Verlag.
21. Office of the Superintendent of Financial Institutions, OSFI: Capital Adequacy Requirement Guidelines, available at www.osfi-bsif.gc.ca
22. The Pension and Insurance Supervisory Authority for the Netherlands: Financial Assessment Framework, at www.dnb.nl
23. Pentikainen, T. & Rantala, J. (1982) Solvency of insurers and equalization reserves, Vols 1 and 2. The Insurance Publishing Company, Helsinki.