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E-grāmata: Treatises on Solvency II

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  • Izdošanas datums: 16-Mar-2015
  • Izdevniecība: Springer-Verlag Berlin and Heidelberg GmbH & Co. K
  • Valoda: eng
  • ISBN-13: 9783662462904
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  • Formāts: PDF+DRM
  • Izdošanas datums: 16-Mar-2015
  • Izdevniecība: Springer-Verlag Berlin and Heidelberg GmbH & Co. K
  • Valoda: eng
  • ISBN-13: 9783662462904
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The European system of insurance supervision under Solvency II constitutes a parallel to supervision of credit institutions under Basel III. At the heart of this new European insurance supervisory regime are the Solvency II Directive, the attendant regulation, and the EIOPA Regulation. The present volume, "Treatises on Solvency II", includes articles on the bases of European insurance supervision and the associated three pillars of solvency, governance, and disclosure, all viewed predominantly from a legal standpoint.

Part I Basics
1 Harmonization of Insurance Supervisory Law
3(24)
1.1 Introduction
4(1)
1.2 The Typology of Harmonization Methods
5(3)
1.3 The European Law Sources for Harmonization of the Insurance Supervisory Regime
8(8)
1.3.1 The Solvency II Framework Directive
8(4)
1.3.2 The Implementing Regulations for the Solvency II Framework Directive
12(2)
1.3.3 The EIOPA Regulation
14(1)
1.3.4 Interim Result
15(1)
1.4 Consequences for the Future Insurance Supervisory System in Germany
16(7)
1.4.1 The Impact of Full Harmonization on the Insurance Supervision Act
16(1)
1.4.2 Supervision According to the Principle of Abusiveness with Regard to Primary Insurance Undertakings
17(4)
1.4.3 The Effect of Full Harmonization in Certain Areas
21(2)
1.5 Conclusions
23(4)
2 Supervisory Review Process
27(40)
2.1 Introduction
28(1)
2.2 Principles of Insurance Supervision Under Solvency II
29(1)
2.3 Objective and Concept of the Supervisory Review Process
30(7)
2.3.1 Objective
30(1)
2.3.2 Art. 36 of the Solvency II Directive and Its Implementation in Sec. 289, Paras. 2--4 of the VAG Reg-E [ Government's Draft of a Tenth Act Amending the German Insurance Supervision Act]
31(5)
2.3.3 The CEIOPS Advice on Procedures for Supervisory Authorities
36(1)
2.4 The Subjects of the Supervisory Review Process
37(16)
2.4.1 Subject of the Investigation and Investigatory Standard
37(4)
2.4.2 The Governance System as Examination Subject
41(3)
2.4.3 Capital Requirements as Examination Subject
44(9)
2.5 Powers of Supervisory Authorities to Remedy Weaknesses and Deficiencies
53(10)
2.5.1 "Weaknesses or Deficiencies" as Legal Terms
53(5)
2.5.2 The Role of Art. 36, Para. 5 of the Solvency II Directive in the Classification of Intervention Powers
58(2)
2.5.3 Non-compliance with Capital Requirements
60(1)
2.5.4 Non-compliance with Requirements on Governance
61(2)
2.6 Summary
63(4)
3 Insurance Supervisory Law and Consumer Protection
67(32)
3.1 Introduction
68(1)
3.2 Consumer Protection Provisions of the New Insurance Supervisory Regime
69(6)
3.2.1 The EIOPA Regulation
69(2)
3.2.2 The Solvency II Directive
71(1)
3.2.3 The Draft Regulation on Key Information Documents and the Draft Directive on Insurance Mediation
72(1)
3.2.4 The Second and Third Regulatory Levels of the Solvency II System
72(1)
3.2.5 The VAG-RegE [ Government's Draft of a Tenth Act Amending the German Insurance Supervision Act]
73(1)
3.2.6 The BaFin [ Federal Financial Supervisory Authority]
74(1)
3.3 The Role of Consumer Protection in the Supervision of Insurance Undertakings
75(19)
3.3.1 The Objective of Supervision
75(2)
3.3.2 Further Implications
77(17)
3.4 Summary
94(5)
Part II Solvency
4 Solvency Requirements
99(58)
4.1 Introduction
100(1)
4.2 The Solvency System Under Supervisory Law
101(8)
4.2.1 The Economic Balance Sheet (Solvency Statement)
101(1)
4.2.2 Own Funds Under Supervisory Law
102(1)
4.2.3 Capital Requirements Under Supervisory Law
103(4)
4.2.4 The Supervisory Review Process
107(2)
4.3 Complexity, Volatility and Procyclicality of the Solvency Requirements: Implications for Solvency Supervision
109(15)
4.3.1 The Problems
109(2)
4.3.2 Complexity
111(4)
4.3.3 Volatility
115(6)
4.3.4 Procyclicality
121(3)
4.4 The New Roles of the Managing and Supervisory Boards, Supervisory Authorities, Courts and Insurance Academics in the Solvency Supervision of Insurance Undertakings
124(25)
4.4.1 The Managing and Supervisory Boards of Insurance Undertakings
124(9)
4.4.2 The Supervisory Authorities
133(13)
4.4.3 Competent Courts in the Insurance Supervisory Regime
146(2)
4.4.4 Insurance Academics
148(1)
4.5 Summary
149(8)
Part III Governance
5 Own Risk and Solvency Assessment
157(38)
5.1 Introduction
158(2)
5.2 Subject-Matter and Objective of the ORSA
160(1)
5.3 The Solvency II Legal Principles Applicable to the ORSA
161(1)
5.4 The ORSA and the Risk Management System
162(8)
5.4.1 The European Law Framework
162(2)
5.4.2 Present Law: The Relationship of the ORSA to Sec. 64 a, Para. 1, 2 of the VAG [ German Insurance Supervision Act] and the MaRisk VA [ Minimum Requirements for Risk Management (Insurance Supervision)]
164(3)
5.4.3 Future Law: Sec. 28 of the VAG [ German Insurance Supervision Act] in the Version of the Ministerial Draft
167(3)
5.5 ORSA, Actuarial Function, Standard Formula and Internal Model
170(2)
5.6 The ORSA, the Compliance Function, and the Internal Audit Function
172(1)
5.7 Individual Issues Concerning the ORSA
173(13)
5.7.1 The ORSA and Free Enterprise
173(6)
5.7.2 The Relationship of the ORSA to Capital Add-Ons
179(1)
5.7.3 The Own Assessment of Interest Rate Risk
180(1)
5.7.4 Significant Deviation from the Assumptions Underlying the Calculation of the Standard Formula and the Internal Model
181(5)
5.8 Documentation and Publication of the ORSA
186(5)
5.8.1 Addressees and General Principles of the ORSA Information
186(1)
5.8.2 The Internal Report
187(1)
5.8.3 Requirements for Reporting to the Supervisory Authorities
187(3)
5.8.4 Requirements for Reporting to the Public
190(1)
5.9 Supervisory Powers with Respect to the ORSA
191(1)
5.10 Summary
192(3)
6 Fitness of Members of Supervisory Board
195(22)
6.1 Introduction
196(1)
6.2 General Requirements of Company Law Applicable to the Qualification of Supervisory Board Members
197(3)
6.2.1 The Federal Court of Justice-Ruling in Hertie
197(2)
6.2.2 The German Corporate Governance Code
199(1)
6.3 The Insurance Supervisory Regime Requirements for the Qualification of Supervisory Board Members
200(11)
6.3.1 The Statutory Rules on the Expertise Requirement
200(4)
6.3.2 The BaFin [ Federal Financial Supervisory Authority] Bulletin of 22 February 2010
204(2)
6.3.3 Amendments in the Process of Implementing Solvency II
206(5)
6.4 Individual Expertise of the Supervisory Board Members and the Overall Qualification of the Supervisory Board
211(3)
6.4.1 Requirements for the Individual Supervisory Board Member
211(1)
6.4.2 Overall Qualification of the Supervisory Board
212(2)
6.5 Summary
214(3)
7 Definition and Holders of Key Functions
217(26)
7.1 Introduction
218(1)
7.2 The Term "Key Function"
219(8)
7.2.1 The Key Functions
219(1)
7.2.2 Terminological Dual-Tracking and the Irrelevance of the Difference Between "Key Function" and "Key Task"
220(3)
7.2.3 The Term "Key Functions": Exhaustive or Open?
223(4)
7.3 The Key Function Holders and Their Subordinate Staff Members in Key Functions
227(14)
7.3.1 The Solvency II System
227(1)
7.3.2 The Equalization of Key Function Holders and Persons Who Effectively Run the Undertaking
228(3)
7.3.3 Factual Distinctions in the Duty of Notice
231(1)
7.3.4 Factual Distinctions in Qualification Requirements
231(1)
7.3.5 Determination of Each Key Function Holder and the Staff Members Subordinate to Them
232(9)
7.4 Summary
241(2)
8 Supervisory Review of Key Functions
243(32)
8.1 Introduction
244(1)
8.2 The "Fit" Requirement for Key Function Holders and Their Subordinate Staff Members in Key Functions
245(13)
8.2.1 The Two-Tier Qualification Structure in General
245(2)
8.2.2 The Special Rules
247(2)
8.2.3 The Fitness of Key Function Holders
249(8)
8.2.4 The Fitness of Subordinate Staff to Key Function Holders
257(1)
8.3 The "Proper" Requirement for Key Function Holders and Their Subordinate Staff Members in Key Functions
258(6)
8.3.1 The Two-Tier Structure of the Proper Requirement and the Proceduralization of the Proper Requirement as Starting Point
258(1)
8.3.2 The Proper Requirement of Key Function Holders
259(5)
8.3.3 The "Proper" Requirement for Staff Members Subordinate to Key Function Holders
264(1)
8.4 The Remuneration of Key Function Holders
264(1)
8.5 The Duties of Notice and Public Disclosure for Key Function Holders
265(3)
8.5.1 The Duties of Notice to Supervisory Authorities
265(3)
8.5.2 The Duties of Public Disclosure
268(1)
8.6 Supervisory Recall and Prohibition of Exercise of Function for Key Function Holders in Cases of Fit-and-Proper Deficiencies and Supervisory Right to Direct Information from Key Function Holders
268(3)
8.6.1 Solvency II
268(1)
8.6.2 VAG-RegE [ Government's Draft of a Tenth Act Amending the German Insurance Supervision Act]
269(2)
8.7 Summary
271(4)
9 `Senior Management' of Insurance Undertakings
275(8)
9.1 Introduction
275(2)
9.1.1 The Normative Rules
276(1)
9.2 `Senior Management' in the Solvency II System
277(4)
9.3 Summary
281(2)
10 Definition, Tasks and Legal Nature of the Compliance Function
283(42)
10.1 Introduction
284(2)
10.2 The Legal Bases of Compliance Under the Insurance Supervisory Regime
286(10)
10.2.1 The Relationship of Compliance Under the Insurance Supervisory Regime to Compliance Under General Company Law
286(1)
10.2.2 The Solvency II Directive
287(1)
10.2.3 The Draft of the Solvency II Implementing Regulation
288(2)
10.2.4 The CEIOPS Guidelines on the System of Governance
290(1)
10.2.5 The EIOPA Guidelines on the System of Governance
291(1)
10.2.6 The VAG-RegE [ Government's Draft of a Tenth Act Amending the Insurance Supervision Act]
292(1)
10.2.7 The Government's Draft of the German Banking Ringfencing Act
293(1)
10.2.8 MaRisk BA [ Minimum Requirements for Risk Management (Banking Supervision)]
294(1)
10.2.9 MaComp VA [ Minimum Requirements for the Compliance Function (Insurance Supervision)]?
294(2)
10.3 The Definition of "Compliance Under the Insurance Supervisory Regime"
296(3)
10.4 The Task of Compliance Under the Insurance Supervisory Regime and the Compliance-Related Requirements
299(19)
10.4.1 Underlying Principles
299(7)
10.4.2 General Legal Monitoring
306(7)
10.4.3 Advising the Managing Board
313(3)
10.4.4 Evaluation of Risks from Changes in the Legal Environment
316(1)
10.4.5 Evaluation of the Compliance Risk
317(1)
10.5 The Legal Nature of Compliance Under the Insurance Supervisory Regime
318(4)
10.5.1 The Long Arm of the Insurance Supervisory Authority?
318(1)
10.5.2 Company Officials?
319(2)
10.5.3 Statutorily Prescribed and Designed Functions of Undertakings
321(1)
10.6 Summary
322(3)
11 Integrating the Compliance Function into the Legal Department
325(20)
11.1 Introduction
326(1)
11.2 Combining the Legal Department and the Compliance Function as a Legal Problem
327(1)
11.3 Combining the Legal Department and the Compliance Function in Light of Their Respective Responsibilities
328(6)
11.3.1 Crossover in Tasks
328(2)
11.3.2 Advisement of Insurance Undertakings' Staff Members as an Area of Potential Conflict
330(1)
11.3.3 Advisement of an Insurance Undertaking's Managing Board as an Area of Potential Conflict
331(2)
11.3.4 Formation of Law by the Legal Department as an Area of Potential Conflict
333(1)
11.4 Combining the Legal Department and the Compliance Function in Light of the Special Rules Aimed at the Compliance Function as a Key Function
334(2)
11.4.1 Particular Competencies
334(1)
11.4.2 Special Qualifications
335(1)
11.5 Combining the Legal Department and the Compliance Function in Light of the Principle of Functional Segregation
336(1)
11.6 Combining the Legal Department and the Compliance Function in Light of the Principle of Functional Independence
337(1)
11.7 Combining the Legal Department and the Compliance Function in Light of the Principles of Freedom of Internal Organization and of Proportionality
338(2)
11.8 Summary
340(5)
Part IV Disclosure
12 Supervisory Reporting
345(40)
12.1 Introduction
346(1)
12.2 The Obligations to Notify Based on Formal Grounds
347(5)
12.2.1 The Term "Obligations to Notify Based on Formal Grounds"
347(1)
12.2.2 Obligations to Notify Based on Formal Organizational Grounds
348(3)
12.2.3 Reporting Duties Related to Tariffs and General Policy Conditions
351(1)
12.3 The Disclosure Obligations of Financial Reporting
352(12)
12.3.1 The Disclosure Obligations for Financial Reporting Based on Formal Organizational Grounds
352(5)
12.3.2 The Disclosure Obligations for Substantive Financial Reporting
357(7)
12.4 The Disclosure Obligations for Risk Reporting
364(2)
12.5 Disclosure Obligations at the Group Level
366(6)
12.5.1 The Obligations to Notify Based on Formal Grounds at the Group Level
366(2)
12.5.2 The Disclosure Obligations of Financial Reporting at the Group Level
368(3)
12.5.3 The Disclosure Obligations of Risk Reporting at the Group Level
371(1)
12.6 The Disclosure Obligations for Financial Conglomerates
372(1)
12.7 Further Implications
373(9)
12.7.1 The Function of the Reporting and Disclosure Obligations
373(2)
12.7.2 The Scope of the Reporting and Disclosure Obligations
375(2)
12.7.3 The Relationship Between the VAG [ German Insurance Supervision Act] and Solvency II Directive Regarding Reporting and Disclosure Obligations
377(3)
12.7.4 The Concretization and Practical Management of Reporting and Disclosure Obligations
380(2)
12.8 Summary
382(3)
13 Public Disclosure
385(40)
13.1 Introduction
386(2)
13.2 The Objectives and Addressees of the Duties of Public Disclosure
388(3)
13.3 Minimum Content of the Report on Solvency and Financial Condition
391(9)
13.3.1 Overview
391(1)
13.3.2 Financial Reporting
392(5)
13.3.3 Information Related to Formal Organizational Aspects
397(1)
13.3.4 The Information on Risk Reporting
398(2)
13.4 The Duty to Update in the Event of Significant Changes to Published Information
400(1)
13.5 The Duty of Disclosure for Direct Insurance and Reinsurance Undertakings in the National Context
401(6)
13.5.1 Disclosure Duties Under Capital Market Law
401(3)
13.5.2 Disclosure Duties Under Commercial Law
404(3)
13.6 Comparison of the Report on Solvency and Financial Condition Under Solvency II and Publication Required Under National Commercial and Capital Market Law
407(3)
13.6.1 The Equal Rank of the Disclosure Duties of Solvency II and Disclosure Duties Under Capital Market and Commercial Law
407(1)
13.6.2 Content Overlap Between the Report on Solvency and Financial Condition Under Solvency II and the Annual Financial Statement and Management Report
408(2)
13.6.3 Content Overlap Between the Report on Solvency and Financial Condition Under Solvency II and Publications Under Capital Market Law
410(1)
13.7 Disclosure Duties at Group Level
410(4)
13.7.1 Disclosure Duties at Group Level Under Solvency II
410(2)
13.7.2 Disclosure Duties at Group Level in National Context
412(1)
13.7.3 Content Overlap Between the Report on Solvency and Financial Condition at Group Level Under Solvency II and the Annual Financial Statement, Management Report, and Financial Reports Under Capital Market Law
413(1)
13.8 Form of Disclosure in the Report on Solvency and Financial Condition
414(1)
13.9 Protection of Business and Trade Secrets in Public Disclosure Duties
415(1)
13.10 Further Conclusions
416(7)
13.10.1 Regulatory Approach in Public Disclosure Duties
416(2)
13.10.2 Potential Synergies in Fulfillment of Public Disclosure Duties
418(1)
13.10.3 Selection of Publication Date for the Report on Solvency and Financial Condition
419(1)
13.10.4 Relief at Group Level and the Principle of Proportionality
420(1)
13.10.5 Less Favorable Protection of Confidentiality Interests for Direct Insurance and Reinsurance Undertakings Compared to Basel II
421(2)
13.11 Summary
423(2)
List of Rules 425(48)
Index 473
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