Solvency II


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Solvency II

Proposed regulation for insurers in the European Union. Solvency II would harmonize the insurance regulation in EU member states, permitting any insurer registered in one member state to operate in any other member state. Solvency II would put in place capital requirements for insurers to reduce the risk that they would be unable to meet obligations when an unusually high number of claims has been made. Solvency II is expected to take effect in January 2013.
References in periodicals archive ?
The refinements to Solvency II that the PRA refer to in their report are small steps in the right direction, however they are unfortunately not new and fall short of the fundamental changes that the Treasury Select Committee has recommended.
Solvency II came into force in January 2016 and was the PRA's single biggest regulatory task at the time.
insurance regulatory system, the United States will not submit to the EU's formal Solvency II equivalence process to assess and rule on the adequacy of the U.
An overview of the Solvency II Directive, and discusses important features in terms of capital adequacy, supervision and disclosure.
On a proforma basis, the 'Day 1' impact of this transaction decreases the Group's Solvency II surplus by around GBP 50m and the Solvency II coverage ratio by around 3 percentage points.
The Bank of England on Friday revealed that the Prudential Regulation Authority (PRA) has published its final rules setting out how it will implement the Solvency II Directive (Solvency II) in the UK.
Previously, insurers were given until January 1, 2016, to get their annuity-backing assets ready for Solvency II.
He pointed to Mexico, where the Insurance and Surety National Commission (CNSF) has introduced a regulatory and supervisory scheme based on Solvency II.
EIOPA's proposals are key, not only for the Solvency II project itself, but also for the wider EU economy," said Sergio Balbinot, president of industry lobby group Insurance Europe.
It is hard to escape hearing about Solvency II, the EU plan to strengthen the financial requirements for insurers, and the US efforts to address the consequences of these new standards on domestic companies.
The island nation is taking the daring approach of choosing not to comply with the European Union's latest regulatory regime, Solvency II.