Treatment of Systemic Risk under Solvency II

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ID: 321494
2026
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Abstract
Abstract This chapter analyses the treatment of systemic risk in insurance regulation, namely under the European prudential framework Solvency II. The main differences between insurance and banking from a macroprudential regulatory point of view are considered and a case study on the different regulatory responses to the financial turmoil caused by the Covid-19 pandemic is discussed. The elements of Solvency II—the so-called Long-Term Guarantee package—introduced to mitigate the impacts of procyclicality and systemic risk are then described, as well as the recent changes to the European framework aimed at enhancing the macroprudential approach. On the latter point, the focus is on the increased emphasis on liquidity risk, on the new macroprudential powers granted to supervisory authorities, and on a brief overview of how the Financial Stability Board (FSB) and the International Association of Insurance Supervisors (IAIS) have worked internationally to contain systemic risk.
Reference Key
openalex_W7169589653 Use this key to autocite in the manuscript while using SciMatic Manuscript Manager or Thesis Manager
Authors Dario Focarelli, Edoardo Marullo Reedtz, Antonio Nicelli
Journal Oxford University Press eBooks
Year 2026
DOI
10.1093/law/9780198927617.003.0015
URL
https://doi.org/10.1093/law/9780198927617.003.0015
Keywords Keywords not found

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