Comparison of Stakeholder Perspectives on current Regulatory and Reporting Reforms
Journal
Risk Management and Insurance Review
ISSN
1098-1616
ISSN-Digital
1540-6296
Type
journal article
Date Issued
2012-09
Author(s)
Abstract
In the European insurance industry, regulatory and reporting frameworks are currently subject to far-reaching reforms. We focus on four of these frameworks, namely the Solvency II framework, insurance guaranty systems, the proposed IFRS 4 Phase II international accounting standards, and Market Consistent Embedded Value reporting. We present these frameworks, analyze them from the insurance company's management, investors and policyholder perspectives, and compare them. Our analysis implies that the four frameworks need to be considered jointly, due to various interre- lations and interactions. We argue that a coordinated introduction will be necessary to ensure that the regulatory burden is reduced and synergies can be utilized in the event of all four frameworks being implemented as planned. Furthermore, we analyze the challenges of a holistic, comprehensive approach to insurance reporting and regulation and its implementation in order to achieve the goals set by the frameworks.
Language
English
Keywords
Insurance Contract Accounting
IFRS 4
Solvency II
Market Consistent Embedded Value
Insurance Guaranty Schemes
Insurance Regulation
Insurance Reporting
HSG Classification
contribution to scientific community
HSG Profile Area
SoM - Responsible Corporate Competitiveness (RoCC)
Refereed
Yes
Publisher
Wiley
Publisher place
Oxford UK
Volume
15
Number
2
Start page
225
End page
254
Pages
30
Subject(s)
Division(s)
Additional Information
Prof. Wagner is Professor at the HEC Lausanne; http://people.unil.ch/joelwagner; joel.wagner@unil.ch
Eprints ID
136638