How does it work? Under Solvency II, insurers will need enough capital to have 99.5 per cent confidence they could cope with the worst expected losses over a year. The rules take a...
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Solvency II sets out regulatory requirements for insurance firms and groups, covering financial resources, governance and accountability, risk assessment and management, supervision, reporting and public disclosure.
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Solvency II sets out requirements applicable to insurance and reinsurance companies in the EU with the aim to ensure the adequate protection of policyholders and beneficiaries. Solvency II has a risk-based approach that enables to assess the “overall solvency” of insurance and reinsurance undertakings through quantitative and qualitative ...
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The Solvency II Directive is a new regulatory framework for the European insurance industry that adopts a more dynamic risk-based approach and implements a nonzero failure regime. The Directive fundamentally alters the way European insurers measure risk and deploy risk management practices.
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Solvency II is an EU legislative programme to be implemented in all 27 Member States, including the UK. It introduces a new, harmonised EU-wide insurance regulatory regime.
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The Prudential Regulation Authority (PRA) notes the publication by HM Treasury (HMT) of its consultation on the Solvency II Review (the Review). The PRA supports the objectives of the Review and continues to work closely with HMT on the potential reforms.
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Solvency II is an EU legislative programme implemented in all 28 Member States, including the UK, by 1 January 2016. It introduces a harmonised EU-wide insurance regulatory regime. The legislation replaced 14 EU insurance directives.
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It sets out the Prudential Regulation Authority’s (PRA) proposals to deliver significant reforms for Solvency II, which the PRA considers will lead to a more competitive and dynamic insurance sector in the UK, while maintaining high standards of policyholder protection. [1]
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Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (recast) (Text with EEA relevance)
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