Yes, Volvo chose a very unique way to plumb the overflow coolant tank. I don't really understand it, but haven't taken the time to examine the cap on the top of the heat exchanger. A typical car would have only one hose going to the bottom of the expansion tank and no hose that would flow onto the ground.
My radiator cap is also slightly loose and I've noticed a bit of coolant around the neck. I may try buying a new cap which will fit tighter, or perhaps a new gasket. Either way, the engine should never let coolant run into the bilge. It should return to the expansion tank as the engine heats up.
Jake