Setting the stage for Solvency II
New EU-wide rules on insurance industry capital have been on the agenda for years, but now that work has finally started, progress could be swift.
The past couple of months have seen the birth of a process that will make headlines, fill in-trays and provoke stares of furious bafflement for years to come: the European Commission (EC) is preparing new legislation for the insurance industry.
The new rules will revolutionise the way life insurers, general insurers and reinsurers set aside capital to prevent themselves being wiped out by a surge in claims or a calamitous fall in financial markets. Much like Basel II, capital will be linked
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