Table of Contents

Research Handbook on International Insurance Law and Regulation

Research Handbook on International Insurance Law and Regulation

Research Handbooks in Financial Law series

Edited by Julian Burling and Kevin Lazarus

Given its economic importance, insurance is a field that has been underserved as an area of academic study. This detailed book provides much needed coverage of insurance law and regulation in its international context.

Chapter 13: Transnational Supervisory Recognition: A Macro-jurisdictional Overview

Hermann Geiger

Subjects: economics and finance, money and banking, law - academic, commercial law, finance and banking law, insurance law, law -professional, commercial law, finance and banking law

Extract

Hermann Geiger1 1. INTRODUCTION Mutual or other forms of supervisory recognition are intended to facilitate the global business of (re)insurance, be it cross-border, through branches or via subsidiaries, by creating frameworks for robust international supervision. (Re)insurance business is generally based on the widest possible distribution of risks which requires open access to global markets and the benefits of a global level playing field. The term ‘mutual recognition’ often stands for describing the process of creating such regulatory frameworks, even though the objective can be achieved through unilateral, bilateral and multilateral approaches to recognition.2 In fact, there are a number of different concepts which have been adopted in practice in order to achieve supervisory recognition among countries, and which are not restricted to a certain form or content. For the purposes of this chapter all of these concepts are collectively referred to as ‘transnational supervisory recognition’. This article is intended to provide a macro-jurisdictional overview on transnational supervisory recognition schemes with an emphasis on the latest developments on legislative proposals both in the European Union and in the United States, as well as on international initiatives driven by the IAIS. Starting with an outline of the key methodologies underlying supervisory recognition the article then provides a short historical overview on the development of the concept of mutual recognition as a European policy principle. For the law of the EU, the article discusses the recognition of non-EEA regimes following the Reinsurance Directive, notably the equivalence assessment under Article 49...

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