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The United States RBC Standards, Solvency II, and the Swiss Solvency Test: A Comparative Assessment

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abstract Cummins et al. (1994) provide a conceptual framework for policymakers to use in analyzing risk-based capital systems. Based on their framework, this article provides an overview and critical analysis of risk-based capital requirements, with a focus on property/casualty insurance, as implemented in three regions of the world (the United States, the European Union, and Switzerland). To integrate the dynamics of the insurance and capital markets and recent developments in regulation we add four new criteria to the original framework of Cummins et al. (1994). The analysis reveals various shortcomings of the standards used in the United States and indicates a need for reform in that country. In contrast, the Swiss standards and the framework planned for the European Union perform generally well. It is, however, not yet possible to identify which of these two systems is superior, as empirical evidence on their effectiveness in protecting policyholders is still lacking.
   
type journal paper
   
keywords insurance supervision, risk management, risk-based capital, Solvency II, Swiss Solvency Test, U.S. RBC
   
language English
kind of paper journal article
date of appearance 1-1-2009
journal Geneva Papers for Risk and Insurance
publisher Palgrave Macmillan Ltd. (Hampshire UK)
ISSN 1018-5895
volume of journal 34
number of issue 1
page(s) 56-77
review double-blind review
   
citation Holzmüller, I. (2009). The United States RBC Standards, Solvency II, and the Swiss Solvency Test: A Comparative Assessment. Geneva Papers for Risk and Insurance, 34(1), 56-77.