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The politics of insurance regulation and supervision reform in the European Union
journal contribution
posted on 2023-06-08, 08:48 authored by Lucia QuagliaIn the late 2000s, the European Union (EU) undertook a significant reform of the framework for insurance regulation and supervision through the Solvency II directive, which substantially updated prudential rules and supervisory practices. This article addresses the question of what has driven the reform of the framework for insurance regulation and supervision in the EU. It is argued that the politics of the Solvency II directive was characterised by a strong alliance between the Commission and the United Kingdom, backed up by the large member states, some old member states and industry, particularly large companies and transnational groups. The United Kingdom was, however, the pace setter, whose influence was underpinned by the size of its insurance market; the expertise and effective coordination of national policymakers, and a state-of-the-art domestic regulatory model.
History
Publication status
- Published
Journal
Comparative European PoliticsISSN
1472-4790Publisher
Palgrave MacmillanExternal DOI
Issue
1Volume
9Page range
100-122Pages
22.0Department affiliated with
- Politics Publications
Full text available
- No
Peer reviewed?
- Yes
Legacy Posted Date
2012-02-06Usage metrics
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