Solvency II

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On 19 April 2012, Julian Adams, Director of Insurance Supervision in the Prudential Business Unit of the Financial Services Authority (FSA), gave a speech at the City & Financial Conference entitled “The new approach to insurance regulation and the implementation of Solvency II”. …
Read More EU: Solvency II: FSA Gives Initial Feedback to Firms About Their Pre-Application Submissions for Internal Model Approval

A survey conducted by the Association for Financial Markets in Europe (AFME), and published on 11 April 2012, suggests that the proposed Solvency II rules will dramatically reduce the willingness of insurers to invest in securitisation assets. AFME suggests that this in turn will have a negative impact on economic recovery. …
Read More EU: Proposed Solvency II Rules will Severely Hamper Investment into Europe’s Securitisation Sector, According to Survey

This presentation will be of interest to anyone working in, or advising, an international insurance or reinsurance group. It will also be of interest to reinsurers based outside the European Union with reinsureds based inside the Union. …
Read More AN INVITATION – Lunch & Learn Seminar – Solvency II – Capital Requirements, Groups and Third Country Equivalence

On 12 January 2012, a vote by the Economic and Monetary Affairs Committee of the European Parliament on the Omnibus II Directive was delayed until 21 March 2012. When adopted, Omnibus II will make significant changes to the Solvency II Directive. The vote had previously been rescheduled from 20 December 2011 to 24 January 2012. …
Read More EU: Solvency II Faces Possible Further Delay

On 8 December 2011, Julian Adams, Director of Insurance at the Financial Services Authority (FSA), explained in a speech to the Association of British Insurers how UK (re)insurance companies may be permitted to start their Solvency II implementation as initially scheduled on 1 January 2013 rather than on the delayed implementation date of 1 January 2014. …
Read More UK: Insurers Given Chance to Early Adopt Solvency II

In a statement last week, Therese Vaughn, Chief Executive Officer of the National Association of Insurance Commissioners (the NAIC”), stated that the state-based regulatory system in the United States should be deemed equivalent to the Europe Union’s Solvency II regulatory process.  According to Vaughn, while the United States will not have a single set of rules like the European Union, the state-based works and has been tested by the recent financial crisis. …
Read More National Association of Insurance Commissioners States That the United States Will Gain Solvency II Equivalence

On 26 October 2011, the European Insurance and Occupational Pensions Authority (EIOPA) submitted its final advice to the European Commisson (EC) on its assessment of the Solvency II equivalence of the supervisory systems of Bermuda, Japan and Switzerland. …
Read More UK: EIOPA Submits Solvency II Equivalency Assessments on Bermuda, Japan and Switzerland