The politics of insurance regulation and supervision reform in the European Union

Lucia Quaglia

doi:10.1057/cep.2009.12

The politics of insurance regulation and supervision reform in the European Union

Lucia Quaglia^*

^*Corresponding author for this work

Politics

Research output: Contribution to journal › Article › peer-review

Abstract

In 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.

Original language	English
Pages (from-to)	100-122
Number of pages	23
Journal	Comparative European Politics
Volume	9
Issue number	1
DOIs	https://doi.org/10.1057/cep.2009.12
Publication status	Published - 1 Feb 2011

Keywords

European Union
financial integration
financial market
insurance
regulation
supervision

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10.1057/cep.2009.12

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The politics of insurance regulation and supervision reform in the European Union

Abstract

Keywords

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