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. The world is watching to see how the EU transforms its insurance industry and implements risk-based improvements.
Assessment (ORSA), which requires a company to undertake its own forward-looking self-assessment of its risks, corresponding capital requirements, and adequacy of capital resources. Figure 1: Solvency II Framework Liquidity risk Insurance risk Market risk Credit risk Operational risk Governance Risk strategy and appetite
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