Macroprudential Supervision in Insurance by Jan Monkiewicz download in iPad, ePub, pdf
Going forward, insurance supervisors may need to expand their macro-prudential surveillance activities further in order to strengthen their regulatory framework. Some of these indicators unique to the insurance industry are the underwriting cycle of hard and soft markets and the pricing and availability of insurance products. Macro-prudential surveillance is a complement to the existing micro-prudential approach, rather than a substitute for it.
Countercyclical capital requirement - to avoid excessive balance-sheet shrinkage from banks in trouble. The potential industry impacts were assessed and used to focus regulatory attention on writers of specific products. Such analyses help identify macro-level risks and enhance the regulators ability to consider an appropriate response to risks at a microprudential level.
This is a manifestation of the principal-agent problem known as moral hazard. It also focuses on the procyclical behavior of the financial system in the effort to foster its stability. Various committees, task forces, and workings groups are charged with oversight and maintenance of specific segments of the U. In addition, most of the early literature on macro-prudential surveillance has focused primarily on the banking industry, not the insurance industry.
Mitigating such risks is a key part of macro-prudential surveillance, thus improving the stability of the financial system and the overall economy. The crisis showed that micro-prudential supervision alone was not enough to sustain the stability of the financial system.
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