Macroprudential Supervision in Insurance

Marek Belka, National Bank of Poland, Poland Philippe Brahin, Swiss Re Corporation, Switzerland Martin Eling, University of St. Gallen, Switzerland Aerdt Houben, De Nederlandsche Bank (DNB), the Netherlands Krzysztof Jajuga, Wroclaw University of Economics, Poland Nadege Jassaud , International Monetary Fund (IMF), France Donato Masciandaro, Bocconi University, Italy Andrew Mawdsley, EIOPA, UK Marek Monkiewicz, Warsaw University, Poland Marcelo Ramella, Bermuda Monetary Authority, Bermuda Paul Sharma, Alvarez & Marsal, UK Piotr Jacek Szpunar, National Bank of Poland, Poland Hanne van Voorden, De Nederlandsche Bank (DNB), the Netherlands Alessio Volpicella, Baffi Centre on International Markets, Money and Regulation, Itlay Rodolfo Wehrhahn, Wehrhahn&Wehrhahn Consulting LLC, USA

Preface; Marek Belka Introduction: Macroprudential Supervision in Insurance: Setting the Scene; Jan Monkiewicz PART I: GENERAL ISSUES 1. Dynamics of the Safety Net in Insurance: Trends and Challenges; Marek Monkiewicz 2. Systemic Risk and the Insurance Industry: Principal Linkages and Dependencies; Martin Eling and David Pankoke 3. Insuring the Financial System Against Insurers: A Macroprudential Framework; Hanne van Voorden and Aerdt Houben 4. Insurance and Macroprudential Regulation: Conceptual Issues; Marcello Ramella and Sebastian von Dahlen PART II: POLICY RELATED ISSUES 5. Macroprudential Policy: Rationale and Challenges; Piotr Szpunar 6. Systemic Risk and Financial Stability in Insurance: Macroprudential Policy Concerns; Krzysztof Jajuga 7. How to Align Microprudential and Macroprudential Supervision in Insurance; Rodolfo Wehrhahn 8. Macroprudential Policies: What Toolkit for the Insurance Sector?; Rodolfo Wehrhahn and Nadege Jassaud 9. Central Banking, Macroprudential Supervision and Insurance; Donato Masciandaro and Alessio Volpicella 10. Architecture of Macroprudential Supervision in the EU: Regional Model; Andrew Mawdsley PART III: GLOBAL ISSUES 11. GSIIs and the Framework for Macro-Prudential Supervision: Strengthening GSIIs and Reducing the Systemic Risks they Pose; Paul Sharma 12. The Growing Confusion between Group Supervision and Macroprudential Surveillance in Insurance; Philippe Brahin 13. Global Macroprudential Set Up in Insurance: Who is in Charge?; Sebastian von Dahlen and Marcelo Ramella 14. Misuse of Macroprudential Regulations for Protectionist Purposes: A Real Danger?; Philipp Keller