European Insurance Union and How to Get There
نویسنده
چکیده
THE ISSUE The full entry into force at the start of 2016 of the European Union’s Solvency II riskbased capital framework for insurance poses new challenges for supervisory cooperation in Europe. Supervisory challenges are present in terms of both management of systemic risk and day-to-day supervision. The common vulnerability of insurers to market risks, in particular the current low interest rate, is a source of systemic risk, and while supervisors might cooperate in day-to-day supervision, cooperation, such as exchange of information and coordinated action, can run less smoothly in times of crisis. Furthermore, risks are present in the context of a European insurance sector that is highly integrated, with a large and rising share of cross-border business.
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