Solvency II resources

The Global Insurance Center has identified Solvency II as one of its top initiatives. Our dedicated task force has been created to address Solvency II issues and focus on conceptual development and related multi-disciplinary assurance and advisory services. The Solvency II Task Force will continue to provide thought leadership pieces and up to date coverage through 2012 and beyond.

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A quantum leap to greater transparency

Solvency II’s emphasis on risk management, corporate governance and responsibility will reward those insurers that are managing their business well and will lead to greater international competitiveness for the global insurance industry.

Solvency II is an important milestone toward achieving the vision of a single market global standard that will change the risk landscape for the insurance industry. In the Solvency II regime currently under development in the European Union, companies will steer their businesses based on economic risk and capital management solvency requirements. In our view, this will promote an innovative and more transparent insurance market with rewards for those companies that embrace the cost/benefit transformation.

Current developments

The European Commission’s draft directive on 10 July 2007 recasts 13 Solvency (re) insurance directives into one document intended to overhaul European regulation. Implementation has been pushed back to 2012 to give companies a realistic timeframe to comply with the complexities and far reaching implications of this cross-border expansion program. While the extended deadline may offer some reprieve, companies may need up to five years to implement internal models and drive change within their organizations.