Objective
The project CONSOL-M focuses on the solvency requirements of the insurance undertakings functioning within the European Single Insurance Market (ESIM). Currently the solvency of an insurer is examined by the supervision authority only in relation to the qu antifiable risks, i.e. financially measurable risks (= a solvency margin on top of the technical provisions). The other risk categories (the qualitative risks) such as the capital investment risk, the corporate governance risk, the internal control quality , the risk management as well as market disclosure are not taken into account so far. However we believe these qualitative aspects have a considerable influence on the overall solvency position of the insurer. It implies that an overall risk-based solven cy model does not exist yet. Therefore, to maintain the stability of the European insurance market, there is an urgent need to establish a new consistent solvency framework for the insurance companies across the enlarged European Union. The principal objec tive of CONSOL-M is to develop an all-risk-based solvency model and to compare and measure the impact of imposing such standards on the ESIM. In order to realize this scientific project two goals are distinguished: to develop a theory on how to build and e valuate a consistent solvency framework regarding all risks determining the overall financial situation of the European insurer, to measure the economical consequences with respect to both consumer - and shareholder protection as well as market stability ( multi-parties point of view).The novel situation is of essential meaning for the further establishment and coordination of the integrated solvency supervision model within the enlarged ESIM. The results of CONSOL-M will allow better match solvency require ments to the true risk encountered by an insurance company.
Fields of science (EuroSciVoc)
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques. See: The European Science Vocabulary.
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques. See: The European Science Vocabulary.
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Keywords
Project’s keywords as indicated by the project coordinator. Not to be confused with the EuroSciVoc taxonomy (Fields of science)
Project’s keywords as indicated by the project coordinator. Not to be confused with the EuroSciVoc taxonomy (Fields of science)
Programme(s)
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
Topic(s)
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Call for proposal
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
FP6-2004-MOBILITY-5
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Funding Scheme
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
Coordinator
LEUVEN
Belgium
The total costs incurred by this organisation to participate in the project, including direct and indirect costs. This amount is a subset of the overall project budget.