Essays on insurance regulation

Abstract

Solvency II introduced a consistent and homogeneous micro-prudential market based evaluation of assets and liabilities for the European undertakings embedding elements aimed at smoothing potential unintended effects at macro level. This essay aims at shedding light on the systemic relevance of the insurance industry and its vulnerability to macro-economic changes with specific reference to the monetary policy actions put in place by the ECB. Furthermore, in the light of the macro-prudential qualitative elements contained in the SII regime, it approaches the concept of the compliance risk and its enforcement.