Český finanční a účetní časopis 2013(1):6-19 | DOI: 10.18267/j.cfuc.329

Is the European Union Regulatory Activity after the Financial Crisis Appropriate in Respect to Insurance Industry?

Pavel Hellebrand
Mgr. Pavel Hellebrand - student doktorského studia; Katedra bankovnictví a pojišťovnictví, Fakulta financí a účetnictví, Vysoká škola ekonomická v Praze, nám. W. Churchilla 4, 130 67 Praha 3; <hellp@seznam.cz>.

This article deals with the actual development and changes in the regulatory approach in a financial services area. Especially it focuses on process of identification of the weaknesses of the regulatory environment in the EU by The High-Level Group On Financial Supervision In The EU chaired by Jacques de Larosière Report and implementation of recommendation contained in the same report. The report of the de Larosière group identified serious shortcomings in the existing system of financial supervision in Europe. There is a single market and across borders operations, but supervision remains uneven and often uncoordinated. A stronger financial sector in the EU in the future needs to have broader convergence between Member States. One of the regulatory reactions of EU is the establishment of, inter alia, a European Insurance and Occupational Pensions Authority and European Systemic Risk Board, influencing an insurance industry. The article tries to identify which changes in the economic system (globalization or consolidation of) may justify broader regulation of industry, considering the risks (including systemic) possibly impacting on insurance companies. The conclusion is given to the changes in the individual regulation of the insurance companies with the comments on expected development.

Keywords: Regulation; Insurance; European Union.
JEL classification: G22

Published: March 1, 2013  Show citation

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Hellebrand, P. (2013). Is the European Union Regulatory Activity after the Financial Crisis Appropriate in Respect to Insurance Industry? Czech Financial and Accounting Journal, 2013(1), 6-19. doi: 10.18267/j.cfuc.329
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