Geiger, Hermann --- "Transnational Supervisory Recognition: A Macro-jurisdictional Overview" [2012] ELECD 167; in Burling, Julian; Lazarus, Kevin (eds), "Research Handbook on International Insurance Law and Regulation" (Edward Elgar Publishing, 2012)

Book Title: Research Handbook on International Insurance Law and Regulation

Editor(s): Burling, Julian; Lazarus, Kevin

Publisher: Edward Elgar Publishing

ISBN (hard cover): 9781849807883

Section: Chapter 13

Section Title: Transnational Supervisory Recognition: A Macro-jurisdictional Overview

Author(s): Geiger, Hermann

Number of pages: 21

Extract:

13 Transnational supervisory recognition:
a macro-jurisdictional overview
Hermann Geiger1



1. INTRODUCTION
Mutual or other forms of supervisory recognition are intended to facilitate the global
business of (re)insurance, be it cross-border, through branches or via subsidiaries, by
creating frameworks for robust international supervision. (Re)insurance business is gener-
ally based on the widest possible distribution of risks which requires open access to global
markets and the benefits of a global level playing field. The term `mutual recognition' often
stands for describing the process of creating such regulatory frameworks, even though the
objective can be achieved through unilateral, bilateral and multilateral approaches to
recognition.2 In fact, there are a number of different concepts which have been adopted in
practice in order to achieve supervisory recognition among countries, and which are not
restricted to a certain form or content. For the purposes of this chapter all of these concepts
are collectively referred to as `transnational supervisory recognition'.
This article is intended to provide a macro-jurisdictional overview on transnational
supervisory recognition schemes with an emphasis on the latest developments on legisla-
tive proposals both in the European Union and in the United States, as well as on
international initiatives driven by the IAIS. Starting with an outline of the key method-
ologies underlying supervisory recognition the article then provides a short historical
overview on the development of the concept of mutual recognition as a European policy
principle. For the law of the EU, the article discusses the recognition of ...