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The European Union and Global Financial Regulation$
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Lucia Quaglia

Print publication date: 2014

Print ISBN-13: 9780199688241

Published to Oxford Scholarship Online: August 2014

DOI: 10.1093/acprof:oso/9780199688241.001.0001

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The EU and Global Insurance Regulation

The EU and Global Insurance Regulation

Chapter:
(p.109) 5 The EU and Global Insurance Regulation
Source:
The European Union and Global Financial Regulation
Author(s):

Lucia Quaglia

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199688241.003.0005

The regulatory capacity of the EU in insurance was limited until the early 2000s. Afterwards, the EU set in place harmonized rules for reinsurance and solvency requirements, without waiting for international standards. The US does not have a strong regulatory capacity in insurance, which is a state, not a federal competence. Hence, the US authorities have been less able to influence global insurance regulation. Embryonic international solvency requirements began to be discussed by the International Association of Insurance Supervisors (IAIS) in the 2000s and the process is ongoing. The EU has managed to upload some of its regulatory templates internationally because its member states had already reached an agreement at the EU level on the Reinsurance directive and the Solvency II directive. In bilateral negotiations with third countries, especially the US, the EU attempted to cross-load parts of these pieces of legislation.

Keywords:   insurance regulation, International Association of Insurance Supervisors, IAIS, Reinsurance, solvency requirements

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