Taking stock of Pillar II
The Pillar II roll out in the UK life industry identified £52 billion of capital needed to meet a 99.5% confidence target. This is a good time to review the process, and the next steps to Solvency II
A landmark was passed in the summer with the publication of the draft Solvency II directive. This directive proposes a new framework for both the calculation of insurance liabilities, and for the regulatory capital to be held at solo entity and group levels. Thus it is worth reflecting on the practical issues that the UK faced in its implementation of its Pillar II regime, called Individual
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