Gearing up for Solvency II
The new business environment
The European Commission’s (EC) draft framework Directive for the rationalisation, harmonisation and modernisation of insurance regulation in the European Union (EU) was launched in July 2007. The Directive includes ambitious and far-reaching proposals for a new, principles-based and risk-sensitive solvency regime.
The draft Directive sets a deadline of 31 October 2012 for Solvency II implementation. Whilst the direction of the Directive and commitment of EC are clear, Solvency II is now entering a period of debate which may alter some of the key principles and requirements. Companies will need to assess the proposals and weigh up the cost/benefit of starting to address some of the future requirements now, along with considering how best to influence the debate.
The paper has been prepared by our PwC Solvency II professionals and provides an overview of the draft directive proposals along with a checklist of readiness and milestones which we hope will help companies carry out an initial impact assessment and prepare implementation plans.
Gearing up for Solvency II is designed to give readers an overview of the key features and their broad commercial implications. We hope it will provide a starting point for your assessment of the changes Solvency II will bring. To find out more about how Solvency II will impact upon your company, please contact us.
