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The financial crisis that began in 2007 has led to a sea-change in the regulation of the banking and insurance sectors. The impact of the economic environment and the regulatory changes on financial institutions is unprecedented.
In response to the deficiencies in financial regulation revealed by this crisis, the Basel Committee on Banking Regulation set their global regulatory standards for banks in stone in the form of the Basel III guidelines, published in December 2010.
Insurance companies, which are increasingly regulated like banks, have been implementing the Solvency II Directive in Europe or its components in North America (which are considered parallel to the Basel guidelines). Both the banking and insurance sectors will be affected by Phase II of The International Financial Reporting Standard (IFRS), providing common ground between the two.
Adapting to Basel III and the Financial Crisis presents an integrated view of these two industries, providing the reader with a comprehensive guide to the complexities of the new regulations while focusing on solutions rather than problems.