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The Solvency II project was initiated by the European Commission (EC) in 2000 to implement a fundamental change to the current European insurance solvency framework. It is intended that Solvency II, which will be based on the Basel II three-pillar approach, will produce a more consistent solvency standard across insurers and across the European region whilst also resulting in capital requirements that are more reflective of the risks being run by insurers. The EC requested that the Committee of European Insurance and Occupational Pension Supervisors (CEIOPS) act as an advisor in the development of the Solvency II regime. In particular, the EC asked CEIOPS to advise on calibrating the solvency standard and the economic consequences on the insurance industry, financial markets and policyholders through a series of quantitative impact studies (QIS). The results from the QIS, which comprise solvency calculations on a specified basis provided voluntarily by insurers from around the EU, will form a key input into the EC’s proposal for the Solvency II Directive. Although the Solvency II project is still in the development phase, the general framework is already clear and a draft framework Directive has been published. However, the implementation of Solvency II should not be seen purely as a compliance exercise, but instead a tremendous opportunity to build a more effective way of running a company. Insurers who embrace this idea early on stand to gain a significant competitive advantage. Solvency II background information our latest thinkinge-Alert: FSA asks run-off firms for responses on Solvency II implementation plansThe FSA recently sent a letter to Chief Executives of insurance companies in run-off asking for information on their Solvency II preparations. The letter sent a clear message that Solvency II will impact run-off firms as much as live firms
Aricle: Partial models pose challenges for CEIOPSGraham Fulcher comments on the postponement of the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) consultation paper on partial internal models from the July-September consultation period to November-December.
article: The Solvency II factorWatson Wyatt's Sanjiv Chandaria explains how the latest developments regarding the framework directive impact the run-off market.
article: Six Steps to Solvency II(Re)insurers will have to prove that their internal models are up to the task, explains Graham Fulcher.
article: The Actuarial FunctionTime is running out for actuaries to prepare for the whirlwind of changes swept in by the implementation of the Solvency II legislation, says Sanjiv Chandaria and Dean Swallow
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