The magnitude of the financial crisis was such that a reciprocal response from regulators around the world is hardly a surprise. The most recent sigma study from Zurich-based Swiss Re, “Regulatory Issues in Insurance,” takes a look at this response around the globe.
Paradoxically, much of regulations bandied in response to the crisis, began gaining acceptance well before it. Most prominent among these is the move toward principles-based reserving for life insurance products enshrined in the Solvency II regulations, which are set for implementation in the European Union in 2012. The move to principles-based regulations also is afoot in the United States, Australia, Japan and China, Swiss Re notes.
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