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The European Insurance Industry Regulation, Risk Management, and Internal Control

:	Antonella Cappiello
:	The European Insurance Industry Regulation, Risk Management, and Internal Control
:	Palgrave Macmillan
:	9783030431426
:	1
:	CHF 61.60
:

:	Einzelne Wirtschaftszweige, Branchen
:	English

:	130
:	Wasserzeichen/DRM
:	PC/MAC/eReader/Tablet
:	PDF

This book analyses the methodologies and functions of a systemic approach to risk governance and internal control capable of tackling the complexity of the insurance business. It focuses on the main trends currently impacting the insurance industry, characterized by new operators, new products and services, new tools, new styles of competition, and new risks. It provides tips and empirical contributions addressing the role of sound internal control and risk management models within an ongoing revision of prudential regulation to better deal with the evolving scenario where insurance activities are becoming increasingly risky and complex. The book is of particular interest to scholars and students of insurance and financial services and practitioners in the insurance industry.

Antonella Cappiello is an Associate Professor of Financial Markets and Institutions at the University of Pisa, Italy, where she teaches classes on insurance techniques, economics in insurance, and management of banking and insurance institutions. Her current research focuses on risk management and control systems in the insurance industry and banking, insurance services and customer relationships, strategic management and organization, operational risk management, and systemic risk. Additionally, she is the President of the Banking, Finance and Financial Markets 1^st Cycle Degree Course and a Professor and member of the Directive Board of several master's programs in Banking and Insurance Institutions.

	Contents	5
	List of Tables	8
	1 Introduction	9
	2 Risks and Control of Insurance Undertakings	14
	1 Introduction	14
	2 Distinctive Features and Risks of Insurance Undertakings	15
	3 The Role of Internal Control	18
	4 The Role of External Supervision and Regulation	22
	4.1 Evolutionary Profiles of the Solvency Regime in the European Context	24
	4.2 Genesis and Purposes of the Solvency II Regulation in Europe	26
	4.3 Evolutionary Traits of the Solvency Regime in the USA	30
	5 Conclusions	33
	References	34
	3 An Integrated Approach to Risk Governance in the Insurance Industry	37
	1 Introduction	37
	2 An Integrated Approach to Insurance Risks Management	39
	2.1 The Technical-Actuarial Risk Management	42
	2.2 The Market Risk Management	47
	2.3 The Liquidity Risk Management	51
	2.4 The Credit Risk Management	55
	2.5 The Operational Risk Management	56
	2.6 The Legal and Compliance Risk Management	58
	3 Conclusions	60
	References	60
	4 Risk Governance in the Second Pillar of Solvency II Framework	65
	1 Introduction	65
	2 Main Provisions on Corporate Governance of Insurance Undertakings	67
	3 The Four Key Functions in the System of Risk Governance	69
	3.1 The Risk Management Function	70
	3.1.1 The Own Risk and Solvency Assessment Process	72
	3.2 The Compliance Function	76
	3.3 The Actuarial Function	77
	3.4 The Internal Audit Function	79
	4 Conclusions	81
	References	82
	5 The Evolving Risk Landscape: Impact on Internal Control and External Regulation	85
	1 Introduction	85
	2 Trends in the Insurance and Financial Sector: New Competitive Landscape	86
	3 Digital Transformation of the Insurance Value Chain	91
	4 New Control and Regulatory Issues in Light of Emerging Risks	94
	4.1 Towards a Review of the Existing Regulatory Solvency II Regime	98
	5 Conclusions	102
	References	103
	6 An Assessment Model of the Internal Controls System	108
	1 Introduction	108
	2 The Internal Audit Assessment of the Internal Controls System	109
	3 The Assessment of Entity-Level Residual Risk	110
	4 The Assessment of Process-Level Residual Risk	111
	5 Conclusions	118
	Appendix	118
	References	126
	Index	127