Solvency II |
Solvency II is a mandatory regime for all EU insurers and reinsurers. 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.
Recent thought leadership:
Solvency II Survey 2010
Organisations are responding to the requirements of the Directive in a variety of ways. Our third annual Deloitte Solvency II Survey has been conducted on our behalf by the Economist Intelligent Unit (EIU), and focuses on these organisations' preparations for and current attitudes towards Solvency II. In the first quarter of 2010, the EIU surveyed 61 insurers operating in the UK.
Findings suggest that whilst organisations are continuing to compile their budgets and train their staff, and thoughts are even turning to restructuring and relocating, there is still far to go in preparing for the new regulatory landscape.
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Making the case for Solvency II technology: The role of the CIO
Solvency II requires that by the end of 2010, insurers will be able to calculate their risks & capital requirements in controlled and auditable way that is demonstrable used in business decision-making. Although the Directive does not overtly specify technology requirements, it is clear that technology will have a central role to play in delivering future compliance. For most organisations this will mean implementing a significant IT programme for Solvency II.
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