Today, more than 40 insurance companies spanning many European countries including The Netherlands, Italy, Spain, Portugal, Austria, Slovenia, Norway and Sweden rely on Tagetik to automate Solvency II
Together, Dublin-based Silverfinch and Luxembourg-based Fundsquare would develop their "look-through" and "data utility" services that are designed to aid insurers and asset managers to cope with the regulatory obligations of the Solvency II
requirements would require captives to conform to rules about capital levels that must be maintained by insurance businesses within the European Union.
One approach for meeting Solvency II
requirements is to focus on the applications and related metrics.
The remaining captive domiciles are closely monitoring the developments of Solvency II
but several have taken a different position.
By the proposed Solvency II
implementation date of January 2014, insurers will have to make significant changes to their finance and risk management systems, and prepare for greater public disclosure of financial statements, modelling and capital calculations.
Like many financial services organizations, it needs to comply with the Solvency II
Directive that requires insurers to demonstrate they have enough capital to remain solvent and have effective risk management systems in place.
In addition to enabling insurance firms to measure themselves against the requirements of Solvency II
, Eagle's solutions can also be used to generate the Quantitative Reporting Templates (QRTs) required to demonstrate compliance to the regulator.
As pending deadlines draw near, Solvency II
regulation will require insurers located or doing business in the EU to calculate and document solvency through detailed public reports and audits.
Under the coming Solvency II
guidelines, sub-debt instruments "are designed to alleviate financial pressure in times of stress," IRC said in a report.
EFG Eurolife views the European directive Solvency II
as more than a regulatory compliance project.
is a European Union directive designed to ensure insurance companies operating in Europe have enough underlying assets to cover their insurance commitments.