South Africa opts for Solvency II approach

Solvency II is not just an issue for European insurers. Faced with the increasingly global nature of the financial sector, South Africa’s financial regulator is bringing in its own version of the regulation. But the schedule to implementation is tight. Clive Davidson reports

The Solvency II project is unquestionably a European one. The move to set universal standards is as much driven by the need to establish a level playing field across the European Union’s 27 member states as it is focused on creating a state-of-the-art risk-based insurance regulation system. But the risk-based mantra is now being chanted by regulators across the globe. In Asia, Singapore, Taiwan, Japan and South Korea have either started or declared their intention to go down this road. Similarly