The Regulatory Perspective

Abstract

This chapter deals with corporate governance regulation in the insurance industry. The chapter starts by analysing the impact of the recent global financial crisis on insurance companies, discussing also whether they should be considered as systemically relevant or not. This is a particularly relevant issue since the idea that financial institutions are systemically relevant is the main reason for the existence of a specific regulation. The regulatory response to the global financial crisis is examined, paying attention to both non-bindingguidelines issued by international organizations (i.e., OECD and IAIS) and regulatory provisions by the EU legislator. Finally, the main conclusions are discussed providing also a comparison with the banking industry, for which the regulatory response to the global crisis has been even more stringent.