Solvency II
WHAT IS THIS? Europe’s Solvency II directive came into effect in 2016, putting risk at the heart of a harmonised prudential framework for insurance firms. Similar in outline to the banking industry’s Basel standards, Pillar 1 sets out quantitative requirements; Pillar 2 tackles risk management and governance; Pillar 3 addresses transparency, reporting and public disclosure.
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…
Seeking equivalence – the NAIC and EC take different stances on Solvency II
The European Commission is firm in its belief that the US insurance regulatory system needs a single figurehead in order to grant it equivalent status under Solvency II – a view not shared by American supervisors. Aaron Woolner reports
Compliance vendors triumph in adversity
Compliance providers have found new customers as a result of the recently changed regulatory environment, while adopting integrated approaches to make the best of tightened budgets everywhere. David Benyon reports
US insurers taking up GRC in budget drive, says expert
Insurance firms are using GRC to cope with tight budgets and heavy compliance burdens
Facing the Solvency II technology challenge
The final shape of Solvency II has not yet been decided, but it is clear that whatever the result insurers will need to upgrade their technology and data-gathering approach. Clive Davidson examines how Europe’s leading insurers are meeting this challenge
Making Solvency II stick
Dubbed 'Basel for insurers', operational risk management under the Solvency II regime is still mystifying most in the insurance world. This case study highlights the basic issues to consider.
City operational risk exec salaries rising
Demand for operational risk management experience is pushing up salaries.
Keeping it consistent
While consensus appears to have been reached over the liquidity premium and hybrid debt issues, whether the current state of the Solvency II directive can truly be called market consistent was debated as leading figures in the directive’s passage met in…
Solvency sanctuary?
Asian insurance companies have sat up and paid attention to their solvency ratios during the past two years like never before. This has led to unprecedented levels of derivatives take-up. But will this conversion to derivatives last?
QIS 5 - Making political capital
With the fifth quantitative impact study looming, Ceiops has released its final advice for Solvency II’s level two implementation measures to howls of indignation from the industry. The SCR standard formula’s calibration risks driving a wedge between…
Sponsored statement: Meeting the Solvency II operational risk challenge
Three industry experts spoke at an exclusive Operational Risk & Regulation webinar on operational risk and Solvency II and the challenges facing insurance firms today
The liquidity gap
Regulators are increasing their focus on liquidity risk in response to the financial crisis, but there are questions about whether capital is an effective mitigant for liquidity risks and the nature of the relationship between liquidity risk and bank…
