Solvency II

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The fifth Quantitative Impact Study on the Solvency II implementing measures (QIS5) was launched by the European Commission (the Commission) on 23 August 2010. The study will run until November 2010 and the Commission notes that it is aiming for a participation rate of at least 60% of EU insurance and reinsurance companies and 75% of EU insurance groups. Of particular importance to the Commission is participation by smaller insurance companies and insurance providers specialised in specific business lines. …
Read More EU: Fifth Solvency II Quantitative Impact Study Begins with a Call for Participation From the European Commission

On 14 July 2010, the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) published its draft advice on equivalence assessments to be undertaken in relation to three areas of the Solvency II directive, being reinsurance, group supervision and group solvency. CEIOPS proposes that in its first wave of assessments, Bermuda and Switzerland should be considered for equivalence in all of these areas and Japan in respect of reinsurance only. …
Read More Solvency II – Bermuda and Switzerland in Line for First Equivalency Assessments

EAPD’s own Ambereen Salamat and Chris Collins were asked by Complinet in its Mid-Year Roundup what the biggest regulatory and compliance challenge this year will be and above all, Solvency II was the resounding response. …
Read More Solvency II: The Insurance Industry’s Biggest Regulatory and Compliance Challenge this Year: How well prepared is it?

The NAIC’s International Insurance Relations (G) Committee (the “Committee”), chaired by Commissioner Kevin McCarty (Florida) met on Friday, March 26, 2010, during  the NAIC Spring National Meeting.  The Committee received an update on International Strategy and Action Plans and discussed International Association of Insurance Supervisors (“IAIS”) strategic planning, including the Common Framework or Supervision of Internationally Active Insurance Groups (“Common Framework”). 

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Read More NAIC Update: International Insurance Relations (G) Committee

It has been reported that Karel van Hulle, head of insurance and pensions at the European Commission, confirmed that Solvency II will come into force in October 2012. Speaking at an Insurance Institute of London lecture at Lloyd’s on 17 March 2010, he denied that there were sound reasons to push back the deadline. …
Read More EU: Commissioner in Charge of Solvency II Confirms 2012 Implementation

The head of the Insurance and Pensions Unit at the European Commission, Karel Van Hulle, confirmed that a meeting had been scheduled in early May to discuss extending the current October 2012 implementation deadline for the Solvency II regulatory regime to 1 January 2013. 

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Read More EU: Further Delays for Solvency II Implementation; No Exemptions for the Legacy Industry

The Bermuda Monetary Authority (the BMA) published a consultation paper on 5 February 2010 entitled “Consultation Paper on The Bermuda Monetary Authority’s Proposed Insurance Groups Regulatory Framework” (the Paper). The Paper outlines the BMA’s proposal for the implementation of a group-wide supervisory regime and outlines the conditions under which the BMA would seek to be considered the Group-Wide Supervisor. 

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Read More Bermuda: The Bermuda Monetary Authority Proposes Introducing Group-Wide Supervision in Further Move Towards Solvency II Equivalence