Research Handbook on International Insurance Law and Regulation
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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.
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Chapter 14: Principles-based Insurance Regulation: Lessons to be Learned from a Comparison of the EU and German Law of Risk Management

Petra Pohlmann

Extract

JOBNAME: Lazarus PAGE: 1 SESS: 3 OUTPUT: Wed Dec 21 15:05:32 2011 14 Principles-based insurance regulation: lessons to be learned from a comparison of the EU and German law of risk management Petra Pohlmann The EU Member States have to implement the Solvency II Framework Directive by the beginning of 2013. The new, principles-based regulatory approach brings new requirements for the national legislative bodies and supervisory authorities. This chapter identifies the specific questions posed by the creation of principles-based law. It begins with an account of the background (section 1) and goes on to compare the principles of risk management ensuing from European and German law (section 2) before exploring how the concept of principles-based law is understood (section 3) and how the principles are fleshed out by further legal instruments (section 4). The findings (section 5) are to heighten the awareness of the legislative bodies and supervisory authorities of the problems involved in designing a new insurance supervision regime for Europe. 1. BACKGROUND 1.1 Solvency II Pursuing a program of harmonized insurance regulation the third-generation Insurance Directives of the European Union established with the single license principle an ‘EUpassport’ for insurers.1 Many Member States, however, considered the EU framework of insurance regulation to be insufficient. They implemented their own reforms, which led to a patchwork of regulatory requirements across the EU. To correct this the Solvency II Framework Directive2 (in this chapter referred to as ‘the Directive’) was initiated by the European Commission in...

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