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Solvency II is the new regime that regulates the solvency requirements for EU insurers and reinsurers. Solvency II aims to reduce the risk that an insurer would be unable to meet claims, to provide early warning to supervisors so that they can intervene promptly if capital falls below the required level, and to promote confidence in the financial stability of the insurance sector. Solvency II not only sets out the minimum capital requirements to guarantee policyholder protection, but also includes measures to stimulate risk management and good governance and to improve transparency.0While the Solvency I regime only sets basic solvency standards, Solvency II has a much wider scope. Solvency II aims to unify the regulation of the European insurance market as well as to increase policyholder protection. Because it improves the protection of policyholders, creates an incentive e for good risk management, recognizes the economic reality of a group, establishes market transparency and provides for a modern risk based supervisory regime, the book’s subtitle is: Solvency II is Good for You.0This book provides a thorough and well-structured overview of the new regulatory regime and how it will affect insurers, re-insurers and other market participants, including policyholders. The author, who was closely involved in the making of Solvency II, offers all the necessary insights and explanations to better understand this new regulation. The book is written for a wide audience, from the non-expert who wants to gain some or more insight in the complex world of insurance and Solvency II, to the specialist who will find this book a very interesting and helpful reference work.0.
A straightforward guide to the evolution, benefits, and implementation of Solvency II Providing a guide to the evolution, practice, benefits, and implementation of Solvency II, Executive′s Guide to Solvency II deftly covers this major European regulation which ensures that insurers can meet their risk–based liabilities over a one–year period to a 99.5% certainty. Part of the Wiley and SAS Business series, this book will guide you through Solvency II, especially if you need to understand the subtleties of Solvency II and risk–based capital in basic business language. Among the topics covered in this essential book are: Background to Solvency II Learning from the Basel Approach The Economic Balance Sheet Internal Models People, Process, and Technology Business Benefits of Solvency II Executive′s Guide to Solvency II has as its aim an explanation for executives, practitioners, consultants, and others interested in the Solvency II process and the implications thereof, to understand how and why the directive originated, what its goals are, and what some of the complexities are. There is an emphasis on what in practice should be leveraged upon to achieve implementation, specifically data, processes, and systems, as well as recognition of the close alignment demanded between actuaries, the risk department, IT, and the business itself.
This book illustrates the EU-wide Solvency II framework for the insurance industry, which was implemented on January 1, 2016, after a long project phase. Analogous to the system for banks, it is based on three pillars and the authors analyze the complete framework pillar by pillar with a consistent data model for a non-life insurer, which was developed by the Research Group Financial & Actuarial Risk Management (FaRis) at the Institute for Insurance Studies of the TH Köln - University of Applied Sciences. The book leverages the long-standing and close cooperation between the University of Limerick (Ireland) and the Institute for Insurance Studies at TH Köln - University of Applied Sciences (Germany).
This fully updated user-friendly second edition will quickly help you get to grips with risk management terms and techniques, and how they relate specifically to the insurance industry. It also demonstrates how Solvency II is already shaping the regulatory agenda and its likely impact on the insurance industry.
This book explores the profound transformation that has taken place in European insurance legislation since January 2016. Expert contributions discuss the changes that have taken place in the supervision of insurance and reinsurance undertakings through an economic risk-based approach. They outline the European insurance market before going on to show how Solvency II and Insurance Distribution Directive (IDD) are expected to generate significant benefits and have a positive impact on all parties involved in the insurance industry, the supervisory authorities and the insured. They also show how Solvency II is likely to benefit the economy as a whole, promoting more efficient allocation of capital and risk in a financial stability framework. This volume will be of interest to academics and researchers in the field of insurance regulation.
The Solvency II Handbook brings together some of the best known and most renowned experts in insurance risk management to provide a detailed examination of the main requirements and impacts of Solvency II to insurers and reinsurers.
The European system of insurance supervision under Solvency II constitutes a parallel to supervision of credit institutions under Basel III. At the heart of this new European insurance supervisory regime are the Solvency II Directive, the attendant regulation, and the EIOPA Regulation. The present volume, "Treatises on Solvency II", includes articles on the bases of European insurance supervision and the associated three pillars of solvency, governance, and disclosure, all viewed predominantly from a legal standpoint.
With the Solvency II deadline approaching, and full implementation expected from January 2016, affected entities are at varying states of readiness with embedding Solvency II into everyday practices becoming a major focus. Programme stakeholder communications needs to be robust to secure compliance and buy-in on both internal and external fronts. If your CEO fails to communicate to the markets your organization's ability to deliver on the EU Directive, or if a local Regulator finds that your Board has failed to embed a risk culture that is aligned with Solvency II, your ability to operate in the Solvency II world will be questioned. Solvency II: Stakeholder Communications and Change explains how to negate such risks. Gabrielle O'Donovan demonstrates how to approach stakeholder communications and change management in a structured and disciplined way, framed by the EU Directive's governance requirements. She demonstrates how to use a variety of tools and techniques to engage people with change and embed new ways of doing things. She reveals how to embed risk consciousness into your culture, helping you secure Solvency II approval and operate successfully in the Solvency II world. Based on the author's original research and the latest industry developments, Solvency II: Stakeholder Communications and Change is well-structured, readable and above all essential for all involved in Solvency II implementation.
Capital Requirements, Disclosure, and Supervision in the European Insurance Industry provides an in-depth analysis of Solvency II's issues by combining both a theoretical approach and evidence of the empirical implications and effects on the European insurance industry.