Capital adequacy stipulations at the global level have become more demanding following the Basel Committee’s initiative to introduce internal model-based capital charge. This article considers the three alternative paradigms—Value at Risk (VaR), Expected Shortfall (ES) and Expected Excess...

Subsequent to the passage of the Insurance Regulatory and Development Authority (IRDA) Act, 1999, the life insurance market in India underwent major structural changes in recent years. Between end-March 2000 and end-March 2005, the number of life insurance companies operating in India has...