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Markus Rudolf^{1} and Michael FrenkelOtto Beisheim School of Management, Vallendar, Germany

# Abstract

Basel II has not only changed the risk-management standards in the banking system dramatically, it has also affected the competitive positions of different banking systems. This is due to the fact, that Basel II has shifted banking closer toward capital markets and away from banking institutions. Consequently, we did observe an increased significance of the Anglo-Saxon banking sector and less significance of the banking systems in Japan and Germany. In the insurance sector, a regulatory framework called Solvency II was launched in 2002. Solvency II is comparable to Basel II with regard to many aspects. The view which is advocated here is therefore, that developments similar to those which have been observed in the banking system might apply to the global insurance industry in the next decade.

http://mrw.interscience.wiley.com/emrw/9780470061596/risk/article/r...

I rarely cite articles which you have to pay for (being a Scot!) but this one seems on the money

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