Tres modelos y un único finEl capital requerido de solvencia en el mercado asegurador

Resumen

The determination of the optimal capital in insurance companies is a constant around the world. In Europe, the regulatory process leading to the determination of the required solvency capital is conducted through the Solvency II directive, which will be mandatory from January 2016. Although local regulations on the determination of this capital already existed, Solvency II creates a new framework for integrating these regulations, which aims to harmonize regulations and the protection of the insured client. Within Europe, Switzerland has conducted its own tests, the Swiss Solvency Test (SST) to complete the solvency regulation. These are pre-Solvency II, but one of its stated goals is to be compatible with that. Meanwhile U.S. has also faced the need to revise its solvency capital based on risk (Risk Based Capital -RBC-), with the Solvency Modernization Initiative (SMI) developed by the National Association of Insurance Commissioners (NAIC) in August 2013. Previously it was controlled by simple ratios. With this, the objective of this paper is to analyze how is determined the required solvency capital in three of the main models in the world that regulate the solvency of the insurance companies. Also, for the U.S. case is performed a comparison of SMI and the form of calculation prior to August 2013. One of the main conclusions is the trend in the three models to the joint establishment of a reasonably homogeneous and standard model to calculate the capital requirement based on principles.