Twin Peaks for Europe: State-of-the-Art Financial Supervisory Consolidation

The book addresses the truly interdisciplinary and highly controversial subject of international financial regulation and supervision, which has been at the center of academic, political, and public attention since the start of the current economic and financial crisis. Drawing on international financial regulatory and supervisory experience and in line with the European Monetary Union's gradual transformation into a Genuine Economic and Monetary Union, it proposes the transformation of the European financial supervisory framework into a hybrid twin-peaks model to create the previously missing necessary legal foundation for the adoption of the so-called Group Support Regime (GSR). The latter is a relatively simple and transparent capital management tool for (re)insurance groups operating in a parent-subsidiary structure proposed by the European Commission under the new Solvency II insurance supervisory framework, which despite lengthy consideration was eventually rejected by Member States.

First book to address financial regulation and supervision, focusing on the Group Support Regime (GSR) Offers a comprehensive review of related research and other materials produced by relevant stakeholders in the fields concerned Provides genuinely new and policy-relevant findings based on the latest research in financial regulation and supervision

Inhalt

1 Introduction.- 2 Milestones of European Insurance Regulation.- 3 European Financial Services Legislation.- 4 Insurance Groups and their Supervision.- 5 The Group Support Regime.- 6 Towards a Genuine Economic and Monetary Union.- 7 Reform Considerations for the European Financial Stability Framework.- 8 Conclusion.