Macroprudential policies, tools and supervision have become the most important regulatory and supervisory innovation across the globe in recent years. This very relevant topic, which became important after the last financial crisis, is the subject matter of numerous studies and policy papers. Most contributions to the field however are banking-oriented and rarely address other segments of the financial sector. It seems only natural therefore that a more balanced approach is required.

Macroprudential Supervision in Insurance fills this existing vacuum and advances our understanding of macroprudential oversight in insurance. The book is split into three parts. The first part addresses general and methodological issues and provides a framework for the analysis of macroprudential policies and supervision in the insurance context. The second part focuses on policy related issues: balance between macro and micro, the macroprudential supervisory toolkit, GSII related aspects and the institutional dimension of macroprudential supervision. The third part focuses on global level aspects of macroprudential in insurance, making this an ideal resource for the supervisory community, the insurance industry and anyone interested in insurance regulation.

Jan Monkiewicz is Professor of Financial Management at Warsaw University of Technology, Poland, and Head of its Risk and Finance Department. He has held senior positions within the Polish government, has been a member of the Executive Board of International Association of Insurance Supervisors, has been Vice Secretary General of the Geneva Association and has been a member of the editorial board of The Geneva Papers on Risk and Insurance. His principal research interests include financial stability, financial markets, financial regulation, risk and insurance and intellectual property rights. He has published several books and articles both in Poland and abroad. He has been adviser to the President of the National Bank of Poland since 2012.

Marian Malecki was Lecturer in International Economics at the Warsaw University of Technology, Poland, and has published over 70 articles in this area. He worked for the Polish government for many years where he was involved in Poland's integration process with the European Union. He has also worked at the Polish Insurance and Pension Authority where he was responsible for market research, consumer protection and its foreign relations. He is currently working at the Polish Liaison Office of the Geneva Association as a project manager in the PROGRES Research Program on Regulation and Supervision.

Preface; Marek Belka
Introduction: Macroprudential Supervision in Insurance: Setting the Scene; Jan Monkiewicz
PART I: GENERAL ISSUES
1. Dynamics of the Safety Net in Insurance: Trends and Challenges; Marek Monkiewicz
2. Systemic Risk and the Insurance Industry: Principal Linkages and Dependencies; Martin Eling and David Pankoke
3. Insuring the Financial System Against Insurers: A Macroprudential Framework; Hanne van Voorden and Aerdt Houben
4. Insurance and Macroprudential Regulation: Conceptual Issues; Marcello Ramella and Sebastian von Dahlen
PART II: POLICY RELATED ISSUES
5. Macroprudential Policy: Rationale and Challenges; Piotr Szpunar
6. Systemic Risk and Financial Stability in Insurance: Macroprudential Policy Concerns; Krzysztof Jajuga
7. How to Align Microprudential and Macroprudential Supervision in Insurance; Rodolfo Wehrhahn
8. Macroprudential Policies: What Toolkit for the Insurance Sector?; Rodolfo Wehrhahn and Nadege Jassaud
9. Central Banking, Macroprudential Supervision and Insurance; Donato Masciandaro and Alessio Volpicella
10. Architecture of Macroprudential Supervision in the EU: Regional Model; Andrew Mawdsley
PART III: GLOBAL ISSUES
11. GSIIs and the Framework for Macro-Prudential Supervision: Strengthening GSIIs and Reducing the Systemic Risks they Pose; Paul Sharma
12. The Growing Confusion between Group Supervision and Macroprudential Surveillance in Insurance; Philippe Brahin
13. Global Macroprudential Set Up in Insurance: Who is in Charge?; Sebastian von Dahlen and Marcelo Ramella
14. Misuse of Macroprudential Regulations for Protectionist Purposes: A Real Danger?; Philipp Keller