Acknowledgments; Contents; Abbreviations; List of Figures; List of Tables; 1 Introduction; References; Other Sources; 2 Milestones of European Insurance Regulation; 2.1 Three Generations of Insurance Directives; 2.1.1 First Generation Insurance Directives; 2.1.2 Second Generation Insurance Directives; 2.1.3 Third Generation Insurance Directives; 2.2 Solvency I; 2.2.1 The Main Features of Solvency I; 2.2.2 Shortcomings of Solvency I; 2.2.3 Need for Modernization; 2.3 Solvency II; 2.3.1 Principal Stakeholders in the Solvency II Process; 2.3.2 The Phases of the Solvency II Process

Learning PhaseFramework Directive Phase; Implementing Phase; Enforcement Phase; 2.4 Legal Basis and Structure of the Solvency II Directive; 2.4.1 Pillar 1; 2.4.2 Pillar 2; 2.4.3 Pillar 3; 2.4.4 Roof; References; Case Law; Legislation; Other Sources; 3 European Financial Services Legislation; 3.1 Background; 3.2 The Pre-Lisbon Lamfalussy Framework; 3.2.1 Level 1: Framework Principles; 3.2.2 Level 2: Implementing Measures; 3.2.3 Level 3: Uniform Implementation; 3.2.4 Level 4: Enforcement; 3.2.5 Review of the Lamfalussy Process; 3.3 Changes Brought by the Lisbon Treaty

3.3.1 Co-Decision Procedure Becomes Ordinary Legislative Procedure3.3.2 Comitology Reform; New Legal Framework for Delegation of Powers; 3.4 The de Larosière Reform; 3.4.1 Flaws in the European Financial Supervisory Framework; 3.4.2 The European System of Financial Supervision; The European Systemic Risk Board; The European Supervisory Authorities; 3.5 The Post-Lisbon Lamfalussy Framework; 3.5.1 Level 1: Framework Legislative Acts; 3.5.2 Level 2: Non-Legislative Acts; 3.5.3 Level 3: Uniform Implementation; 3.5.4 Level 4: Enforcement; References; Case Law; Legislation; Other Sources

4 Insurance Groups and Their Supervision4.1 Characteristics of Insurance Groups; 4.1.1 Definition; 4.1.2 Organizational Forms; Centralized Model; Decentralized Model; 4.2 Group Supervision Under the Insurance Groups Directive; 4.3 Group Supervision Under Solvency II; 4.3.1 Pillar 1 Requirements; Valuation of Assets and Liabilities; Technical Provisions; Own Funds; Solo Solvency Capital Requirement; Minimum Capital Requirement; Investment Rules; Diversification; Group Solvency Capital Requirement; Risk Concentration and Intra-Group Transactions; 4.3.2 Pillar 2 Requirements

Supervisory Authorities and General RulesResponsibility of the Administrative, Management or Supervisory Body; System of Governance; Measures to Facilitate Group Supervision; 4.3.3 Pillar 3 Requirements; References; Legislation; Other Sources; 5 The Group Support Regime; 5.1 Background; 5.2 Introduction of the Rules; 5.3 The Group Support Regime's Operation in Practice; 5.3.1 Scenario 1: Breach of One Solo SCR; Case 1: Group Not Regulated Under the GSR; Case 2: Group Regulated Under the GSR; 5.3.2 Scenario 2: Breach of One Solo MCR; Case 1: Group Not Regulated Under the GSR