is the founder and president of Monocle Solutions, an international risk assessment and optimization company that provides various products and consulting services by way of intellectual property.
Jason Wahl is head of research at Monocle Solutions. His areas of interest include regulation of financial institutions and financial stability.
Stuart Rose is Global Insurance Marketing Manager at SAS Institute, a market-leading business intelligence and analytics software vendor. He has worked for a variety of software vendors where he was responsible for marketing, product management, and application development.
Chapter 1: The Evolution of Insurance.
Early Risk Instruments.
Role of Insurance in Economic Growth and Prosperity.
Chapter 2: Insurers' Risks.
Insurable and Uninsurable Events.
Risk Transfer and Mitigation.
Chapter 3: Solvency II Chronology.
Need for Insurance Regulations.
Why Do Insurers Fail?
Causes of Failure.
Initial Solvency Directives.
Process of the Solvency II Project.
Chapter 4: Learning from the Basel Approach.
Regulation in Context of the Credit Crisis.
Evolution of Banking Regulation.
Application to Solvency II: Regulation.
Application to Solvency II: Business Logic.
Lessons from the Credit Crisis.
Chapter 5: The Solvency II Directive in Brief.
What Is Solvency II?
Solvency II Is Principles Based.
Partial and Internal Models.
The Economic Balance Sheet.
Structure of the Directive.
Chapter 6: The Economic Balance Sheet.
Total Balance Sheet Approach.
Quantitative Stipulations of the Level 1 Text.
The Standard Formula.
Non-Life Underwriting Risk Module.
Market Risk Module.
Default Risk Module.
Chapter 7: Internal Models.
Complexity of Implementation.
Definition and Scope of Internal Models.
Internal Models Application.
Tests and Standards.
Chapter 8: People, Process, and Products.
Key to a Successful Solvency II Project.
Chapter 9: Business Benefits.
Regulation Past and Present.
Benefits of an Enterprise Data Management Framework.
Benefits of an Economic Balance Sheet.
Benefits in Perspective.
Benefits beyond Solvency II.
About the Authors.