The Solvency II Handbook: Practical Approaches to Implementation
First published:
ISBN: 9781782721888
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The Holistic Balance Sheet: A Different European Approach for Pension Funds?
Erwin Fransen and Niels Kortleve
Introduction: Starting the Solvency II Journey
Solvency II: The journey so far
Internal Models and Solvency II
Review of the Capital Adequacy Framework in Singapore
Insurance Liabilities Under IFRS 4 Phase II and Solvency II: Almost the Same Thing?
Solvency II and Mutual Insurance Companies
The Journey Towards an Approved Internal Model
The Road to Solvency II for a Life Insurance Company
Managing Model Risk
Solvency II and Reinsurance
ORSA: A Forward-looking Approach to Risk and Capital Management
Risk Governance: A Framework to Support Better Decision-making and a Journey Towards Continuous Improvement
Operational Risk and Solvency II: A Practitioner Perspective
Reporting Processes
Reporting Challenges under Solvency II: The Allianz Experience
The Audit of Solvency II Information
The Holistic Balance Sheet: A Different European Approach for Pension Funds?
Capital for Operational Risk: Some Fundamental Flaws
Reputational Risk: Success is Trust-dependent
The European Commission (EC) is not only working on improving supervision of insurance companies (Solvency II), it also intends to modernise the Institution for Occupational Retirement Provisions (IORP) directive. The existing IORP directive is seen as minimum harmonisation, leaving much room for member states to set supervisory regulation and to accommodate the diverse European pension landscape. On March 27, 2014, commissioner Barnier (internal market and services) published the proposal for IORP II (see European Commission, 2014). With IORP II, the EC aims to: (i) stimulate cross-border pension activity; (ii) harmonise risk-based frameworks for IORPs; and (iii) increase the consistency with other risk-based frameworks. The plan for IORP II does not include proposals for capital requirements (Pillar I) for IORPs, but only for Pillars II and III (governance and transparency). However, proposals for new capital requirements for IORPs are foreseen in a future version of the IORP directive. The EC have already commissioned the European supervisor on insurance and occupational pensions, EIOPA, to continue working on capital requirements for IORPs.11The focus in this chapter is on
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