This is a presentation from the 2009 ERM Symposium 4/29-5/1/2009 Concurrent Sessions RA-Regulatory/Rating Agency. In this session, expert regulators will discuss lessons from the international regulatory systems that were uncovered during the credit crisis. The panel will discuss initiatives and approaches that have been tested to their limits during the crisis, discussing what worked and what did not.

This presentation from Session 43 PD of the SOA 2011 Annual Meeting & Exhibit addresses the following questions regarding systemic risk: 1. What is systemic risk? 2. How did systemic risk exhibit itself during the financial crisis of 2008? 3. How much does systemic risk matter to the insurance industry? 4. What remedies were proposed in Dodd-Frank legislation? 5. Will these remedies be effective? 6. Would other remedies be more effective? 7. To what extent will Dodd-Frank allow the federal government to preempt the states in regulating insurance? 8. What new federal entities will be created as a result of Dodd-Frank?

This is a presentation from the 2010 ERM Symposium 4/12-4/15/2010 General Session 1. In this session, leaders from various regulatory forums will explore the directions and impact of regulatory reform, the changes in roles and responsibilities and even whether a U.S. insurance regulator should join the financial stability regulator. Leaders will examine regulating institutions “too big to fail,” global coordination of senior supervisors and their views, congressional views and keeping enterprise risk management competency and balance across all regulators without losing regulatory corporate memory.

Presenters at this session of the SOA 2011 Chicago Annual Meeting discuss the implications of boom and bust cycles in the economy, the recent financial crisis and how the Dodd-Frank Act addresses those issues. Papers written by the presenters on the subject are also included.

In this session, the techniques will be presented and demonstrate that many supposed "black swan" events can actually be forecast. Actuaries should add these techniques to their risk management skills portfolio. At the conclusion of the session, attendees will be able to evaluate catastrophic risk from a broader perspective.

This consultation document concentrates on the consideration of corporate governance and risk management focus within the SMI. Because of the relationship between risk management and internal capital assessment, high-level issues surrounding the implementation of an Own Risk and Solvency Assessment are also explored in this paper. Additionally, two appendixes have been attached to this document outlining International Association of Insurance Supervisors principles and standards in areas relating to corporate governance and risk management that may warrant consideration.

This report examines the circumstances that lead to systemic risk and proposes a new definition.

This report examines the circumstances that lead to systemic risk and proposes a new definition.

The 2008 global financial crisis highlighted the costs of supporting systemically important financial institutions (SIFIs) as well as the linkages both between institutions as well as across countries. The G 20 tasked the Financial Stability Board (FSB) along with international regulatory associations such as the Basel Committee on Banking Supervision (BCBS), International Association of Insurance Supervisors (IAIS) and the International Organisation of Securities Commissions (IOSCO) to evolve frameworks for supervision of such SIFIs.

In this study, a network approach is taken to characterize the systemic risk of two nontraditional insurance industries: the bond insurer industry and the CDS market. These industries were chosen since traditional insurance industries do not generate significant systemic risk.