Solvency II
The intent of the Solvency II project is to introduce a new harmonized risk-oriented rules of control and of capital requirements for insurance undertakings and reinsurance undertakings operating in member countries of the European Union and to recodify 13 existing directives regulating the business of insurance and reinsurance undertakings.
The aim is to provide better protection for insured and beneficiaries with simultaneous support of market stability, especially by higher quality of risks evaluation and effective allocation of capital. Solvency II will be uniformly applied to the insurance sector in the whole European Union, which should contribute to a creation of really integrated market of insurance services.
Structure of the Solvency II is based on three pillars. The first pillar specifies the capital requirements of insurance and reinsurance undertakings with respect to risks (underwriting, credit, market and operational) that the insurance and reinsurance undertakings are exposed to. The second pillar specifies the requirements for governance of the insurance or reinsurance undertaking and the methods of supervision. The third pillar defines the disclosure and transparency requirements.
Solvency II Directive
The Fourth Quantitative Impact Study
The Fifth Quantitative Impact Study
Contact: QIS@nbs.sk
Documents and information: http://www.ceiops.eu/index.php?option=content&task=view&id=746
Results of The Fifth Quantitative Impact Study (QIS 5):
Analysis of Insurance Undertakings' Preparedness for Solvency II
Analysis of Insurance Undertakings' Preparedness for Solvency II
Analysis of Solvency II Impact on Národná banka Slovenska
Analysis of Solvency II Impact on Národná banka Slovenska
Internal models - Pre-application process
CEIOPS Level 3 Guidance on Solvency II: Pre-application process for Internal Models
Links
Update: February 7, 2012