Transcription of Solvency II: An introduction
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Solvency II: An introduction
1 / LIFE ACTUARIAL INSIGHTS / July 2011 AdvisoryLIFE ACTUARIAL INSIGHTSJULY 2011 Solvency II: an introduction by Leslie Marlo, FCAS, MAAA and Ash RupareliaContentsSolvency II: An introductionPage 1 European Insurance and Occupational Pensions Authority (EIOPA) Quantitative Impact Study 5 (QIS5)Page 5 Think Outside of the Pillars Solvency II Strategic ConsiderationsPage 8On April 22, 2009, the European Parliament approved the Solvency II framework directive, due to come into force January 1, 2013. It offers European insurers an opportunity to improve their risk-adjusted performance and operational efficiency, which is likely to be beneficial for policyholders, for the insurance industry, and the European Union (EU) economy as a whole. As the implementation date draws closer in the EU, Solvency II is not only on the radar of insurance companies in the EU but also on those across the globe.
United States to be treated as equivalent for the purposes of Solvency II. It has been suggested that the freedom for local regulators to carry out their own assessments in the absence of an EIOPA assessment will mean a number of individual jurisdictions will recognize the United States as equivalent, thus giving it de facto equivalence status.
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