Solvency II

Present and Future
Erscheinungsjahr 2026
ISBN: 978-0-19-892761-7
Verlag: Oxford University Press

Buch, Englisch, 488 Seiten, Print PDF, Format (B × H): 171 mm x 246 mm

Since its adoption by the European Union, the Solvency II Directive has fundamentally changed how insurance companies and groups are supervised, manage risks, and stay financially sound. It has introduced a total balance sheet approach, risk-based capital requirements, a three-pillar framework, and cooperative group supervision. As the regime evolves, following the 2020 Solvency II Review and the Insurance Recovery and Resolution Directive, Solvency II: Present and Future offers timely and expert commentary on the Directive's core principles and current risks.

This volume explains the theoretical and practical complexities of valuing insurance liabilities and long-term equity investments, the shifting role of national supervisory authorities, and the efforts to harmonize supervisory practices across the EU, with a particular focus on the role of the European supervisory authority EIOPA. It critically assesses the implications of integrating sustainability risk into insurers' risk management and solvency frameworks-an urgent priority in the face of climate change.

In addition to analyzing the EU context, the book situates Solvency II in parallel to global developments such as the IFRS 17, the Insurance Capital Standard (ICS), Solvency UK, and the Swiss Solvency Test. It also addresses future risks, including ESG and systemic risks, evaluating the balance between robust supervision to ensure policyholder protection, financial stability, and the competitiveness of the European insurance industry.

Authored by leading academics and experts, this book is essential reading for legal practitioners and consultants advising the insurance and financial services sectors, policymakers, insurance supervisors, and academics. It combines clear explanations of Solvency II's core principles with forward-looking perspectives on its future trajectory, providing a definitive guide to one of the most influential insurance regulatory frameworks in the world.

Autoren/Hrsg.

Weitere Mitwirkende

Van Hulle, Karel

Gründl, Helmut

Kraft, Mirko

Inhaltsverzeichnis

- Part I: The Principles of Solvency II and the Three Pillar Approach

- 1: Implementation of a Principles-Based Project

- Part II: Quantitative Requirements

- 2: Siegbert Baldauf: The Solvency II Balance Sheet Approach: An Actuarial Perspective (Technical Provisions and Capital Requirements)

- 3: Sebastian Schlütter: Solvency II and the Nexus of Risk Measurement and Risk Management

- Part III: Qualitative Requirements

- 4: Christian Thimann: Sustainability and Solvency II

- 5: Ksenija Dencic-Mihajlov: ESG and Mitigation of ESG Risk in Underwriting and Investing

- 6: Arthur van den Hurk and Michele Siri: Insurance Corporate Governance under the EU Solvency II Directive

- Part IV: Public Disclosure and Supervisory Reporting Requirements

- 7: Thiemo Hustedt and Götz Treber: Importance of Solvency II Reporting for Stakeholders

- 8: Ben Carr: Sustainability Reporting

- Part V: Group Supervision

- 9: Mirko Kraft and Lukas Böffel: Solvency II Group Supervision: Legal vs. Economic View

- 10: Arthur van den Hurk: The Evolution of the Role and Purpose of Group Prudential Requirements

- 11: Paola Manes: Governance in a Group Context

- Part VI: Special Issues

- 12: Ludger Hanenberg: Supervisory Cooperation in the Internal Market

- 13: Florian Wimber: Home vs. Host Supervisor: The Freedom to Provide Services and the Freedom of Establishment

- 14: Anne Fischer and Bénédicte Denis: Transfers of Insurance Portfolios in the European Union and the European Economic Area

- 15: Dario Focarelli, Edoardo Marullo Reedtz, and Antonio Nicelli: Treatment of Systemic risk under Solvency II

- 16: Helmut Gründl: Solvency II, IRRD, and Insurance Resilience

- 17: Lieve Lowet: The Role of Soft Law under Solvency II

- 18: Klime Poposki and Bojan Srbinoski: Navigating the Transition: Exploring the Impact of Solvency II on South-Eastern European Insurance Markets

- 19: Monica Mächler: Insurance Recovery and Resolution: A Common Global Source with Local Variations

- 20: Hato Schmeiser: Solvency II and the Swiss Solvency Test (SST)

- 21: Anthony Brown: Solvency UK: The UK Reforms

- 22: Alexander Ludwig and Jan-Niklas Otte: Demographic Change and the Ultimate Forward Rate

Über Autor(innen)

Karel Van Hulle is Emeritus Professor at the Faculty of Economics and Business at KU Leuven and Honorary Professor at the Faculty of Economics at Goethe University Frankfurt. He joined the European Commission in 1984, where he held responsibilities for company law, financial reporting, corporate governance, and auditing. In 2004, he became Head of Insurance and Pensions and was made responsible for the development of Solvency II. He represented the European Commission within EIOPA and the IAIS. After retiring from the European Commission in 2013, he served as member of the Public Interest Oversight Board (until 2021) and was appointed member of the Board of the Bermuda Monetary Authority. Prof. Van Hulle's contributions to insurance regulation and financial supervision have earned him numerous honours, including being named a Distinguished Fellow of the IAIS in 2013, a Distinguished International Lecturer in Accounting by the American Accounting in 2000, and an Honorary Fellow of the IFoA in 2014.

Helmut Gründl is Professor, Chair of Insurance, and Director of the International Center for Insurance Regulation at Goethe University Frankfurt. Before joining Goethe University, Prof. Gründl held the Chair of Insurance and Risk Management at Humboldt University in Berlin from 1999 to 2010. Presently, he teaches courses in corporate finance, insurance economics, as well as asset and liability management of insurance companies, and conducts research that aims to strengthen the scientific basis for regulatory decisions.

Mirko Kraft is Professor of Insurance Management at Coburg University, where his teaching and research focuses on Solvency II, risk management, sustainability, and AI/digitalization in insurance. Prior to his academic career, Prof. Kraft worked in the risk management department of the German Insurance Association (GDV), which included a secondment to Brussels. He is a member of the EIOPA Insurance and Reinsurance Stakeholder Group (IRSG) and actively contributes to academic and regulatory discourse internationally.