Global
Perspectives on Insurance Today:
A Look
at National Interest versus Globalization
Many risks face the global insurance industry today, including the aging
populations of developed countries, competition from other financial institutions, and
both disparate and quickly changing regulatory demands, to name a few.
The book’s contributors offer their unique perspectives on challenges
confronting the insurance industry and how attendant risks can be most effectively
managed.
Table of Contents
Foreword vii
Acknowledgments ix
Part I Global Overview of
Insurance/Reinsurance Regulations
1 Expansion, Contraction, Consolidation, and
Regulation Patricia Guinn 3
2 The Future of International Insurance Supervision
in Light of the Financial Crisis Michel Flamée Paul Windels 11
3 Improving Regulatory Capital Requirements:
Developments in the United States Therese M. Vaughan 25
4 Solvency II: A Balancing Act Pamela Schuermans
37
5 Solvency II: A New Regulatory Frontier Paul Sharma Paolo Cadoni 53
6 The Move to Market Consistent Reporting for
Insurers Mark Freedman Douglas French Tara Hansen Therese Masiello 69
7 Toward a Global Approach to Regulating Insurers
and Reinsurers Raj Singh 83
8 Toward Global Reinsurance Regulation Debra J. Hall Jérôme Berset 91
9 Evolution of Insurance Group Supervision Monica
Mächler 107
10 The Role of Financial Conglomerates in the
Globalization of Financial Services: Regulatory Complexities and the European Perspective
Michel Flamée Paul Windels 121
11 The Architecture of Group Supervision John
Trowbridge 137
12 The IAIS Multilateral Memorandum of
Understanding: An Important Tool for Cooperation and Information Exchange between
Insurance Supervisors Peter Braumüller Alexander Warzilek 153
13 Uniform Treatment of Creditors' Rights:
Fundamental to Global Insurance and Reinsurance Regulatory Advances Peter Ivanick Lynn
Roberts 161
Part II Industry Governance and Risk
Management
14 Corporate Governance and Risk Management in the
Insurance and Reinsurance Industries Cecelia Kempler 171
15 Aggregating Global Risks Arising from
Regulatory Disparities Jerry M. de St. Paer Michael E. Mathisen 189
16 Risk Culture Prakash Shimpi Heike Klappach 205
17 Incorporating Capital Requirements in Risk Management Stephen P. Lowe 211
18 Securitization and Insurance Marcelo Ramella
229
19 Structuring Catastrophe Bonds: A Functionalist
Perspective John Schwolsky Matthew Stern 245
20 Growth and Diversification of the Captive
Insurance Market Peter Neville 261
Part III Global Insurance Markets
21 Past, Present, and Future Insurance Markets and
Regulations in China Dongmei Chen Xian Xu 277
22 Financial Services Firms in India: The Road
Ahead and the Challenges Anita Pennathur 291
23 Insurance Underutilization in Emerging
Economies: Causes and Barriers Rodolfo Francisco Wehrhahn 299
Notes on Editors/Contributors 311
Index 317
336 pages, Hardcover