By Eric Burgeat
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Additional info for INSURANCE REGULATION AND SUPERVISION IN THE OECD COUNTRIES
Within the EU, according to the Third Insurance Directives, only the home country is responsible for setting the rules and supervising the compliance with the rules concerning technical provisions and their investment in representative assets. The Directive on the Annual Accounts and Consolidated Accounts of Insurance Undertakings from 19 December 1991 (91/674/EEC) introduced a harmonised regulation in force since January 1, 1995. The Directive harmonises the layout of the balance sheet and thereby lists and defines the technical provisions and describes how they are to be evaluated.
It is, however, reduced to one third. No OECD Member country has different rules regarding the solvency margin of branches and of domestic insurance companies. The EU claims-based solvency margin does not take the inflation rate into consideration. It is based on the average burden of claims for the past three financial years. Economies in transition should be aware of this. Some EU countries already use stricter criteria than prescribed in the EU directives. However, too high a margin might cause negative effects.
In most countries, all that was required was a fixed amount of capital, subscribed or paid in, with the amount depending on the class of insurance. Over the past several decades, there has been a trend toward expanding both the amounts and the variety of financial requirements. One reason for strengthening the solvency standards has been the move towards freer markets and - particularly in the European Member countries - the need to compensate for the loss in security that resulted from the elimination of the control of tariffs and contract terms.
INSURANCE REGULATION AND SUPERVISION IN THE OECD COUNTRIES by Eric Burgeat