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Cross-Border Insurance Groups: Towards a Comprehensive Supervision Under Solvency II

Author

Listed:
  • Pierpaolo Marano

    (Catholic University of the Sacred Heart)

  • Michele Siri

    (University of Genoa)

Abstract

This paper explores the Solvency II standards for EU supervision of insurance groups operating across borders as detailed by the guidelines issued by EIOPA. The EU legislator has preferred to reinforce the tool of the colleges of supervisors, which are multilateral platforms where national supervisors involved in the supervision of a single insurance group cooperate, instead of opting for a single EU supervisor. The paper analyses cooperation between supervisory authorities in the context of the colleges in order to clarify the fields covered by the colleges as well as those that are not. In this respect, the paper argues for including in the mandate of the colleges the task of defining and implementing a common principle of group interest to administer the governance system of cross-border insurance groups, and to extend the supervision of colleges to the distribution of insurance products.

Suggested Citation

  • Pierpaolo Marano & Michele Siri, 2018. "Cross-Border Insurance Groups: Towards a Comprehensive Supervision Under Solvency II," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 43(4), pages 594-614, October.
    • Handle: RePEc:pal:gpprii:v:43:y:2018:i:4:d:10.1057_s41288-018-0090-7
    DOI: 10.1057/s41288-018-0090-7
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    References listed on IDEAS

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    1. Dirk Schoenmaker & Jan Sass, 2016. "Cross-Border Insurance in Europe: Challenges for Supervision," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 41(3), pages 351-377, July.
    2. Takahiro Yasui, 2016. "Corporate Governance of Financial Groups," OECD Corporate Governance Working Papers 20, OECD Publishing.
    3. Jonathan Fiechter & Inci Ötker & Anna Ilyina & Michael Hsu & Andre O Santos & Jay Surti, 2011. "Subsidiaries or Branches; Does One Size Fit All?," IMF Staff Discussion Notes 11/04, International Monetary Fund.
    4. Swain, Robin & Swallow, David, 2015. "The prudential regulation of insurers under Solvency II," Bank of England Quarterly Bulletin, Bank of England, vol. 55(2), pages 139-153.
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