The aim of this paper is to help insurers cut through the detail by looking at the underlying trends that are shaping the latest regulatory developments, the thinking behind them and the implications for their strategy and operations.
This PwC publication explains why Pillar 2 is the catalyst that will challenge insurers’ risk culture, governance and risk management. But how do you interpret and apply the regulations to create an efficient risk management process?
This PwC publication explain why insurers will want to rethink their investment strategies because of Solvency II, which will have a big impact on asset managers, a huge proportion of whose business comes from insurers.
This PwC video examines transitional and US equivalence issues under Solvency II and its implications for how businesses are structured, where they are domiciled and how decisions over reinsurance and acquisitions are made.
This PwC paper discusses the fact that syndicates at Lloyd’s have already had to complete the development and begin the embedding of a capital model which meets Solvency II standards as Lloyd’s prepares for its market-wide model application in April 2012 and asks: As other insurers gear up for the final stages of the model application process, what can they learn from the Lloyd’s businesses that have been there ahead of them?
A one-year delay to the Solvency II implementation date appears all but confirmed by the latest draft Omnibus II Directive, published in July 2011 by the European Parliament, providing clarity in some areas yet signposting places where further debate will be needed.
Whether to opt for an internal model, the standard formula or one of the options in between is one of the most crucial decisions within Solvency II. It not only affects your firm's capital requirements, but also the way the business is managed and perceived by stakeholders.
The business case for insurers’ current investment in financial models is based on leveraging significant operational and commercial advantage post-implementation. Inside this PwC publication, see how well are they doing.
Understanding the implications of QIS5. The results from QIS5 published by EIOPA show that in many areas the requirements tested were broadly appropriate, but a significant number still require change. Read the full publication.
Your documentation is the public face of your Solvency II programme. It helps you to make a convincing case to your supervisor that your capabilities and approach are fit for purpose. How can you provide the right kind of documentation to demonstrate compliance without swamping your business in needless paperwork?
Insurers seek to structure their operations so that they are capital and tax efficient - Solvency II has changed the playing fieldThe fifth quantitative impact study (QIS5) has demonstrated that capital management structures that are tailored to existing regulation are likely to be less efficient under Solvency II. What can you do to improve your capital position?
Following the opportunity given by the Commission Services to comment on their consultation document on the Level 2 implementing measures for Directive 2009/138/EC on the taking-up and pursuit of the business of Insurance and Reinsurance (‘Solvency II’). PwC are pleased to provide their response.
On 19 January 2011 a provisional version of the draft text of the Omnibus II Directive was published. This directive will, if adopted, amend the Solvency II Directive. A summary of Omnibus II’s more significant proposals is set out in this document.
Getting set for Solvency II outlines the findings of a survey looking at European insurers' readiness for implementation. The survey aims to provide a benchmark against which you can compare your own progress.
The Survivors’ Guide to Solvency II has been prepared by subject matter experts from PricewaterhouseCoopers LLP. Drawing on our research and work with clients, the guide covers areas that are causing the greatest difficulties for insurers or may have been missed altogether. The focus is on the practicalities rather than the technicalities, along with the implications for the strategy and management of the business.
Early steps to integrate Solvency II into business as usual will be crucial in reducing compliance costs and realising the competitive benefits. How can insurers lay the foundations for sustainable ‘industrialised’ implementation?
Rather than strengthening risk and capital disclosure, Solvency II could lead to a reporting overload. How can insurers strike a balance between meeting regulatory expectations and providing information that would help them to convey the true strength and potential of the business?
Solvency II requires insurers to align their risk taking with a clearly articulated risk appetite, creating an opportunity to turn risk appetite from a conceptual nicety into a practical and valuable management tool.
The fifth Quantitative Impact Study (QIS5) provides a last chance to gauge the likely capital requirements and balance sheet impact on your business of using the Solvency II European Standard Formula. Here is a quick guide to undertaking QIS5 including timings, preparations and key people required.
The ‘use test’ is proving to be one of the toughest aspects of the internal model approval process (IMAP). How can firms get up to speed while reaping the competitive benefits of a more effective basis for decision-making?
This is the 3rd edition of Countdown to Solvency II from our international Solvency II team. It examines how to make the most of QIS 4 and view it as an opportunity to understand the commercial implications of Solvency II.
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.