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Insurance: Just Part of the Financial Sector? [21]

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Bullet points include: Basel III: same overall methodology as Basel II (i.e. risk-weighted assets). No explicit probabilistic basis to define requirements. Standardised approach or internal model. New requirements to contain leverage and liquidity, more stringent on extreme events, additional charges for systemically important financial institutions (SIFIs). Solvency II: absolute and minimum risk-based capital requirements. SCR and MCR, explicit probabilistic basis (for SCR). Standardised approach or internal model, stress tests. ORSA: serves several purposes, including model risk. Greater public disclosure if SCR not covered, and more explicit deferral of payments on capital instruments qualifying for Tier 2 or better

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