Insurance: Just Part of the Financial Sector? [19]

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Bullet points include: Basel III, Solvency II. Underlying source: Regulator(s) (BCBS), EU Commission. Coverage: Globally active banks, All EU insurers. Legal status: Must be transposed into local legislation, EU Directive. Main drivers: Refines Basel II in reaction to recent financial crisis, -Harmonise across Europe, -Raised capital requirements (and quality of capital), -Create comprehensive principles-based regulatory framework, -Harmonised liquidity standards, -Make capital requirements more risk-responsive and in line with underlying economic capital, -Capital buffer, -Part of wider European ‘journey’. Transition period: Relatively long, Shorter, once in place. Further reforms? E.g. BCBS reviewing trading book and securitizations, Already broader in scope than Basel III, but still many details outstanding

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