- Research Handbooks in Financial Law series
Edited by Julian Burling and Kevin Lazarus
Chapter 13: Transnational Supervisory Recognition: A Macro-jurisdictional Overview
JOBNAME: Lazarus PAGE: 1 SESS: 4 OUTPUT: Wed Dec 21 15:05:32 2011 13 Transnational supervisory recognition: a macro-jurisdictional overview 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...
You are not authenticated to view the full text of this chapter or article.
Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.
Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.
Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.