The imminent regulatory overhaul in Europe promises to have both direct and indirect impacts on Bermuda’s (re)insurance community. At the same time, progression of the Bermuda Monetary Authority’s goal to achieve international equivalence for its own regulatory framework has started to significantly change the way companies are supervised.
PwC has worked with over 60 insurance companies in the UK to help them assess the implications of Solvency II on their business and plan for the detailed requirements of implementation.
We have gained tremendous understanding of the Solvency II requirements, developed considerable Intellectual Property and produced a large number of implementation accelerators which help our clients understand and think about what their individual requirements for Solvency II need to be. We have helped our clients cut months off the implementation process and save significant costs by being able to move quickly from high level requirements to detailed design and implementation.