Solvency II update
The European Parliament approved the Solvency II framework directive on 22 April 2009 which will come into force at 31 October 2012. The insurance industry can now prepare for and progress to the new regime with certainty on timeframes. Group support (that part of the capital requirement for a subsidiary which can be met by a guarantee that funds would be transferred from the group if needed) was carved out of the approved text but the European Commission has been charged with addressing this in 2015. |
Solvency II is the new solvency regime for all EU insurers and reinsurers, which also covers the insurance operation of bancassurers. Due to come into effect in 2012, Solvency II aims to implement solvency requirements that better reflect the risks that companies face and deliver a supervisory system that is consistent across all member states.
The challenge of preparing for and implementing Solvency II calls for a multi-disciplinary approach. At Deloitte, we are able to provide the required breadth of service expertise that ensures all aspects of Solvency II requirements and opportunities are considered and can support you through the entire process.
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