Treatises on Solvency II

The European system of insurance supervision under Solvency II constitutes a parallel to supervision of credit institutions under Basel III. At the heart of this new European insurance supervisory regime are the Solvency II Directive, the attendant regula

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Treatises on Solvency II

Treatises on Solvency II

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Meinrad Dreher

Treatises on Solvency II

Meinrad Dreher Johannes Gutenberg University Mainz Germany

ISBN 978-3-662-46289-8 ISBN 978-3-662-46290-4 DOI 10.1007/978-3-662-46290-4

(eBook)

Library of Congress Control Number: 2015935187 Springer Heidelberg New York Dordrecht London © Springer-Verlag Berlin Heidelberg 2015 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. Printed on acid-free paper Springer-Verlag GmbH Berlin Heidelberg is part of Springer Science+Business Media (www.springer.com)

Preface

“Treatises on Solvency II” collects 13 articles on the new European insurance supervisory regime under the Solvency II Directive and the EIOPA Regulation, viewed predominantly from a legal standpoint. The articles treat the basis of the European insurance supervisory regime and its three pillars of solvency, governance, and disclosure. As background and by way of example, the treatise describes the German insurance supervisory regime and the efforts of the German legislator to implement the Solvency II system into this German insurance supervisory regime. These articles were written in the period from 2009 to 2014, the time frame within which the Solvency II system was being created. They were first published in German and reflect the states and stages of the European and German insurance supervision at the time of their particular publication. Although the insurance supervisory system is now definitively marked by European standards, there has been no thoroughgoing debate and consideration of this system with respect to theory and practice. In only a few Member States has there been public discussion of the issues implicated by the new European insurance supervisory regime. This book is intended to contribute to such a European debate by making the collected articles accessible in English. The intended addressees consist of, i.a., European and national insurance supervisory authorities, insurance under