Solvency II readiness for the insurance sector
Solvency II implementation is fast approaching. Establishing a regulatory framework of capital adequacy, valuation techniques and risk management standards for European insurers and reinsurers, Solvency II will provide a catalyst to transform the way insurance companies do business.
The implementation deadline is December 2012. By that time, insurers will have to make significant changes to their finance systems, restate their balance sheet for Solvency II, and prepare for greater public disclosure of financial statements, modeling and capital calculations.
Are you ready?
In the spotlight
QIS 5: Solvency II implementation testing at a higher level
All insurers are strongly encouraged to participate in the QIS5 study. It will assist them in determining the likely impact of Solvency II on their capital requirements. In the UK, the FSA has indicated that all firms that intend to apply to use an internal model must take part in QIS5.
Our dedicated Solvency II Task Force has been created to address Solvency II issues over time, focusing on conceptual development and related multi-disciplinary assurance and advisory services. It is organized around the following seven topics:
Learn about the European directive to implement enhanced supervision and prudential capital requirements for insurers.
Solvency II requires that an integrated approach to risk, capital and solvency management be implemented through a robust program management delivery framework.
Solvency II offers insurers a new regulatory balance sheet based on market-consistent value and prudential capital requirements.
Well-designed internal models embedded into the risk management function can transform Solvency ll into a business enabler.
Solvency II requires insurance companies to undertake demanding new standards for risk management and governance.
Solvency II focuses on financial disclosure and fostering market discipline, requiring a significant change in the detail of public and regulatory reporting.
Solvency II affords an opportunity for insurance groups to restructure and to reduce their regulatory capital requirements.
/$FILE/14L01871_RM_156x66.jpg "Rural road through fields")
/$FILE/14L01926_RM_156x66.jpg "A ship propeller")
/$FILE/14L01982_RM_156x66.jpg "Lotus in a pond")
/$FILE/14L01976_RM_156x66.jpg "Rotunda of Michigan's State Capitol Building")
/$FILE/14H00278_RM_(156x66).jpg "Risk management and risk governance – Pillar II")
/$FILE/14L01977_RM_156x66.jpg "Rows of lavender")
/$FILE/14L00021_156x66.jpg "Gas storage tanks")