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Reinsurance Regulation: A Contemporary and Comparative Study

Reinsurance Regulation: A Contemporary and Comparative Study

By Wallace Hsin-Chun Wang
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Overview
We seem to be living at a time when insurance is strained to the breaking point. From hurricanes and earthquakes to terrorist attacks and threats of nuclear devastation, enormous risks to life and property; and accompanying liabilities; proliferate on an unprecedented scale. Insurer insolvency is not yet common, but it is not unusual either. And at the root of such failures often lies the compound failure of uncollectable reinsurance. This important book proposes that a significant part of the emerging insurance crisis results from inadequate regulation of reinsurance.

In a detailed and cogent analysis of what an effective regulatory regime for reinsurance must entail, the author examines such factors as the following:

  • direct supervision of reinsurers versus supervision of reinsurance policies
  • models from developed countries (US, UK, EU) and international organisations (Organization for Economic Cooperation and Development, International Association of Insurance Supervisors)
  • the importance of taking legal and economic differences into account while applying models
  • the problem of local protectionism, especially in developing countries
  • the dismantling of trade barriers in the reinsurance industry
  • global harmonization of reinsurance regulation
  • the role of reinsurance intermediaries
  • finite risk reinsurance
  • insurance-linked securities.

    The author's concluding chapter presents an essential legal infrastructure that allows for efficiency, security, and individual market characteristics. Professor Wang then applies this framework to the Taiwanese insurance market, demonstrating convincingly how his proposed regime can solve specific problems while respecting Taiwan's distinct market environment. As a meticulously considered appraisal of, and solution to, a world problem that is growing quickly and uncontrollably, Reinsurance Regulation will be of immense value to lawyers, professors, academics, and officials who deal with any facet of economic law.

  • Publish Date 12/01/2002
    Product Line Kluwer Law International
    ISBN 9789041198891
    SKU 10058470-0001
    Table of Contents
      Preface
      Acknowledgments
      Introduction
      1. Purposes and Structures of Reinsurance Regulation: A Comparative Study
      I. Purposes of Reinsurance Regulation
      II. The Structure of Reinsurance Regulation
      III. Concluding Remarks
      2. Regulation of Reinsurers and the Reinsurance Arrangements of the Primary Insurers
      I. Regulatory Issues Relating to Reinsurers: Direct Regulation versus Indirect Regulation
      II. Selective Issues Relating to Regulation of Reinsurance Arrangements of Primary Insurers
      III. International Supervisory Standards and Guidelines
      IV. Concluding Remarks
      3. Reinsurance Intermediaries and Regulation of Reinsurance
      I. Reinsurance Intermediaries and Financial Stability of Insurers and Reinsurers
      II. Regulatory Issues Arising from Reinsurance Intermediary and Financial Solvency of Primary Insurers and Reinsurers
      III. Leading Regulatory Models and Recent Developments
      IV. Concluding Observation
      4. Alternative Risk Transfer and Reinsurance Regulation: Regulatory Issues Arising from Financial Reinsurance and Securitisation of Insurance Risk
      I. Finite Risk Reinsurance and Reinsurance Regulation
      II. Securitisation of Insurance Risk and Relevant Regulatory Issues
      III. Concluding Remarks
      5. Reinsurance Regulation Reform in Emerging Markets: Comparative Suggestions
      I. Comparative Suggestions for Reinsurance Regulation Reform in Emerging Markets
      II. A Comparative Study on Reinsurance Regulation Reform in Emerging Markets: The Case of Taiwan
      Bibliography
    Volumes