Modernizing Insurance Regulation

ISBN-13: 9781118758717 / Angielski / Twarda / 2014 / 304 str.

Viral V. Acharya; Matthew P. Richardson

Opis

The future of the insurance regulation begins now For those involved with the insurance industry, from investment professionals to policy makers, and regulators to legislators, tremendous change is coming. With insurance premiums constituting an ever-growing portion of annual U.S. GDP and provisions of the Dodd-Frank Act specifically calling for modernization of insurance regulations, the issues at hand are pervasive. In Modernizing Insurance Regulation, these issues are described against a backdrop of the political and industry discussions that surround insurance, regulation, and systemic risk. Experts Viral V. Acharya and Matthew Richardson discuss a variety of issues with top thinkers in the fields of finance, derivatives, credit risk, and banking to bring to light the most germane elements of this ongoing discussion. In Modernizing Insurance Regulation, Acharya and Richardson call on the expertise of all the relevant stakeholders within government, academia, and industry to offer a well-rounded and independent view of insurance regulation and how the evolution of this key industry affects the U.S. economy now and in the future.

• Provides an overview of the feasibility of maintaining a state-level regulatory structure
• Offers a view of the issues from top academics, industry leaders, and state regulators
• Explores the debate surrounding the insurance industry and systemic risk
• Provides an in-depth look at upcoming changes under the Dodd-Frank Act

Modernizing Insurance Regulation provides a look into the crucial changes coming to insurance regulation and an overview of how those changes will affect almost everyone.

Spis treści

Preface

Acknowledgments

Chapter 2:  Life Insurance s Importance to American Families and Industry s Concern about Regulation (Dirk Kempthorne)

Chapter 3:  Why Insurance Needs a Federal Regulator Option (Roger W. Ferguson, Jr.)

Chapter 4:  Observations on Insurance Regulation Uniformity, Efficiency, and Financial Stability (Therese M. Vaughan)

Chapter 5:  Lessons Learned from AIG for Modernizing Insurance Regulation (Eric R. Dinallo)

Chapter 6:  Assessing the Vulnerability of the U.S. Life Insurance Industry (Anna Paulson, Thanases Plestis, Richard Rosen, Robert McMenamin and Zain Mohey–Dean)

Appendix 6A: Details on Estimating Asset Risk

Chapter 7:  Systemic Risk and Regulation of the U.S. Insurance Industry (J. David Cummins and Mary A. Weiss)

Chapter 8:  Designation and Supervision of Insurance SIFIs (Scott E. Harrington and Alan B. Miller)

Chapter 9:  Is the Insurance Industry Systemically Risky? (Viral V Acharya and Matthew Richardson¹⁾

Chapter 10:  Modernizing the Safety Net for Insurance Companies (John H. Biggs)

Chapter 11:  Policyholder Protection in the Wake of the Financial Crisis (Peter G. Gallanis)

Appendix 11A:  The Critical Role of Prompt Corrective Action

Appendix 11B: Table of Relevant Guaranty Association Coverage Levels by State

As of September 19, 2013 (Subject to Change)

Chapter 12:  Comparative Regulation of Market Intermediaries: Insights from the Indian Life Insurance Market (Santosh Anagol (Wharton), Shawn Cole (Harvard Business School), and Shayak Sarkar (Harvard University))

About the Authors

About the Website

Index

O autorze

JOHN H. BIGGS is the former Chair and CEO of TIAA–CREF, one of the largest national insurance companies in the U.S., and an Executive in Residence at New York University.

MATTHEW P. RICHARDSON is the Charles E. Simon Professor of Applied Financial Economics at New York University Stern School of Business. He is the co–editor of Restoring Financial Stability and Regulating Wall Street.

Blurb

PRAISE FOR MODERNIZING INSURANCE REGULATION

In Modernizing Insurance Regulation, John Biggs, Matthew Richardson, and their colleagues have provided an extensive analysis of the proper regulatory approach toward insurance companies. It is an important contribution to the needed debate about the unfinished business of the reform of the structure of financial regulation.

Paul Volcker, former Chairman of the Federal Reserve Board

Expertise on bank regulation seems to be everywhere, but when you seek out expertise on insurance regulation, you get mostly blank stares. With Glass–Steagall barriers down and AIG still a vivid memory, this is a serious gap. Which is why Modernizing Insurance Regulation is such an important volume. At last, we have somewhere to turn for a serious and readable treatment of the subject by people who know.

Alan S. Blinder, Professor of Economics at Princeton University and the author of After the Music Stopped

This book identifies the key hard issues in modernizing insurance regulation systemic concerns, federal vs. state roles, the guarantee associations, and market conduct. Well qualified authorities and practitioners give a balance between significant change versus reliance on the successes of the current structure.

Roy Woodall, a former state insurance commissioner and a well–known expert on insurance with more than 50 years of experience in various aspects of insurance regulation and policy

The GAO has done over the years a number of studies of insurance regulation, responding to problems perceived by Congress. No consensus has developed on what should be done. This book gives a balanced and thoughtful assessment of the core difficult issues.

Charles A. Bowsher, Comptroller General of the U.S., 1981 to 1996, led the General Accounting Office (GAO)