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  Talk the Talk and Walk the Walk? European Insurance Capital Regulation and the Financial Vocabulary of Motive

van der Heide, A. (2022). Talk the Talk and Walk the Walk? European Insurance Capital Regulation and the Financial Vocabulary of Motive. Socio-Economic Review. doi:10.1093/ser/mwac032.

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SER_2022_vanderHeide.pdf (Any fulltext), 406KB
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 Creators:
van der Heide, Arjen1, 2, Author           
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1Soziologie öffentlicher Finanzen und Schulden, MPI for the Study of Societies, Max Planck Society, ou_3035385              
2Institute of Public Administration, Leiden University, The Netherlands, ou_persistent22              

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Free keywords: financialization, risk, financial regulation, financial institutions, evaluation, insurance
 Abstract: ‘Financialization’ refers to a variety of processes characterized by the increased prevalence of financial actors and logics in contemporary capitalist societies. Borrowing from Mills, I suggest that financialization may fruitfully be understood as the institutionalization of a financial vocabulary of motive. Mills argues that the type of reasons we give and the type of reasons we accept as legitimate varies, dependent on the social setting. The financial vocabulary of motive requires actors to motivate their actions by analogical extension of key concepts, ideas and paradigmatic problem solutions from modern finance theory. Analysing documents and 44 oral history interviews, I study the implementation of Solvency II—a European regulatory framework for insurance capital that transforms how insurers evaluate their assets and liabilities. To prevent the immediate failure of insurers’ traditional business models, insurers had to re-articulate past practices in the language of financial risk management.

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Language(s): eng - English
 Dates: 2022-07-14
 Publication Status: Published online
 Pages: 21
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 Table of Contents: 1. Introduction
2. Financialization as the diffusion of a financial vocabulary of motive
3. Solvency II: Towards a European insurance industry
4. Re-articulating insurance in financial terms
5. Conclusion
Footnote
Acknowledgements
References
 Rev. Type: Peer
 Identifiers: DOI: 10.1093/ser/mwac032
 Degree: -

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Title: Socio-Economic Review
Source Genre: Journal
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Pages: - Volume / Issue: - Sequence Number: - Start / End Page: - Identifier: ISSN: 1475-1461
ISSN: 1475-147X