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- Title
SOLVENCY II - AN OPPORTUNITY FOR ERM IMPLEMENTATION IN SLOVENE INSURANCE INDUSTRY?
- Authors
Bešter, Helena
- Abstract
The whole European insurance industry as well as the Slovene insurance industry is in the intensive phase of adaptation to the Solvency II regime. Besides the possible additional capital burdens, qualitative requirements of the second pillar are in the center of the insurers' attention: integrated risk management, corporate governance and the Own Risk and Solvency Assessment - ORSA. This paper asks whether the adjustment to the new solvency regime in the Slovene insurance industry is actually an opportunity for the enterprise risk management system implementation. The majority of the interviewees (within the qualitative exploratory case study on the Slovene insurance market) emphasized many positive characteristics of the new regime, especially 1) the enterprise risk management implementation, based on the everyday business decisions and 2) the higher corporate governance standards and good practices which can substantially contribute to the better risk based decision making. On the other hand, the burden of the implementation could be too demanding, especially for the smaller insurers.
- Subjects
SLOVENIA; INSURANCE companies; CORPORATE governance; RISK management in business; DECISION making in business
- Publication
Sarajevo Business & Economics Review (Zbornik Radova), 2015, Issue 34, p95
- ISSN
1986-5473
- Publication type
Article