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The Dodd-Frank Act, Solvency II, and U.S. Insurance Regulation

This article discusses key issues that policymakers should consider when evaluating potential changes to U.S. insurance regulation in the aftermath of the financial crisis, including implications of both the Dodd-Frank Act and the Solvency II initiative in the European Union. Fundamental differences in the U.S. between banking and insurance are emphasized, including much lower systemic risk potential and greater market discipline in insurance, and why those differences favor capital regulation and policyholder guaranty systems that reflect the distinctive features of each sector.