Quick update

November 2011

PwC has launched a new article in its flagship publication Countdown to Solvency II. This latest article is entitled Risk of delay: Getting Pillar 3 on track

8 July 2011

PwC has launched a new article in its flagship publication Countdown to Solvency II. This latest article is entitled ‘Validating your Model’.

31 May 2011

PwC has launched a new article in its flagship publication Countdown to Solvency II. This latest article is entitled ‘Taking the strain out of technical provisions’.

6 April 2011

PwC has launched a new article in its flagship publication Countdown to Solvency II. This latest article is entitled ‘Getting the balance right' and looks at the challenge of preparing and managing documentation under Solvency II.

4 April 2011

Alwin Swales, a director in our Solvency II team, looks at how to gear your systems and technology to the tough new regulatory and business demands. Click here to view the video.

21 March 2011

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.

1 March 2011

Simon Martin, a director in our UK rating agency advisory team, assesses how rating agencies are responding to Solvency II and how it could affect your credit rating. Click here to view the video.

23 February 2011

PwC has launched a new article in its flagship publication Countdown to Solvency II. This latest article is entitled ‘Making your capital work harder’.

26 January 2011

PwC responds to the consultation document issued by the Commission Services 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). Read the full response.

25 January 2011

PwC has launched a new article in its flagship publication Countdown to Solvency II. This latest article covers Meeting the People Test.

20 January 2011
Breaking News: Omnibus II Directive: The European Commission publishes draft amendments to the Solvency II Directive. 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. Read the full article.

30 November 2010
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 insurers can compare their progress.
25 October 2010
PwC IFRS and SII specialists have joined forces to examine the differences and similarities between the new IFRS Exposure Draft and Solvency II. In this report, we start to assess how reporting systems, management evaluation and market communication will be affected.
20 October 2010
PwC has added five new topical articles to its flagship publication Countdown to Solvency II. These articles cover: capital efficiency, ORSA, data and model assurance, reporting regulator returns and balance sheet management.
14 September 2010
As brokers tend not to carry underwriting risk, many might assume that they will be largely unaffected by Solvency II. However, brokers are key providers of risk data and advice to underwriters and, in some cases, underwrite directly for their customers. This article examines the implications for three main areas: Reinsurance broking; direct broking and agency relationships; and captive management.
13 September 2010
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.
15 July 2010
PwC has launched two new topical articles in its flagship publication Countdown to Solvency II. These two articles cover QIS5 (the latest Quantitative Impact study due to start in August) and risk appetite (Solvency II requires insurers to align their risk taking with a clearly articulated risk appetite).
22 June 2010
PwC has launched two new interesting articles on its flagship publication Countdown to Solvency II on-line platform. These two articles cover effective communication in a Solvency II world and how to integrate Solvency II into business as usual to deliver sustainable business benefits.
10th May
PwC launched a new series of webclips with subject matter experts from their pan-European team providing an overview on key topics. First in the series 'addressing key issues' is Charles Garnsworthy giving an overview of Solvency II in The coming shake-up: Overview of Solvency II and discussing internal models in Use it, don't lose it: The internal model approval process. 5th May
PwC launched three articles in the Countdown to Solvency II series. The latest articles cover Solvency II and M&A, Pillar 3 and disclosure, and meeting the use test. 1st March
PwC launched its flagship publication Countdown to Solvency II on-line. With three new articles covering risk management, internal models and data quality, this is a must read for all those wanting to understand the implications of Solvency II.
5th February 2010
CEIOPS released CP78 (Level 2 Implementing measures on Solvency II: Technical criteria for assessing 3rd country equivalence) on 30 November asking the industry for comment.
PwC reviewed the CP and provided feedback to CEIOPS using the CEIOPS template: 11th December
CEIOPS released consultation papers on 2 November asking the industry for comment.
PwC reviewed the CPs and below are our responses to CEIOPS. Each follows the CEIOPS template provided.
18th November
PwC issues new paper on Solvency II partial models
CP65 helps clarify priority areas for development and implementation. It reflects growing acceptance that most models sanctioned under the Internal Model Approval Process (IMAP) are initially likely to be partial as many firms seek more time to overcome difficulties that may preclude full approval. 16th November
PwC issues new paper on Solvency II implementing measures
Standard formula capital requirements head even higher under the 'third wave'. 3 November
PwC welcomes the release of the third wave of consultation papers from CEIOPS
Mark Batten, partner at PwC, welcomes the release of the third wave of CPs from CEIOPS, but questions whether industry concerns are being properly addressed.

2 November 2009
CEIOPS' third wave of consultation papers released
CEIOPS' has released the third set of Advice for public consultation dealing with key aspects for the future implementation of the Solvency II framework. These issues are interlinked although they are presented in separate papers and reference is being made to Advice on Level 2 implementing measures developed in the first and second set (final advice following earlier consultation to be published in the course of November). It should be noted that CEIOPS has developed its Advice on the basis of the Solvency II Level 1 text adopted by the European Parliament on 22 April 2009. Stakeholders are invited to send their contributions to CEIOPS no later than 11 December 2009. Review the Consultation Papers 30th September
Tougher line: Higher capital charges under Solvency II standard formula
Eight of the 'second wave' of Solvency II consultation papers (CPs) propose some significant modifications to the 'European Standard Formula' for calculating capital requirements. The changes reflect the tougher line on capital adequacy that is emerging from the financial crisis and the findings of the fourth Quantitative Impact Study (QIS4). 11th September 2009
CEIOPS released 21 consultation papers on 2nd July asking the industry for comment. PwC reviewed the CPs and below are our responses to CEIOPS. Each follows the CEIOPS template provided. 4 September
Demystifying internal models for Underwriters
The constraints that Solvency II will impose on business management will feed directly through to how underwriters select and price risks, and how their performance is measured. The required systems and processes are just beginning to be developed, so now is the time for underwriters to influence how their businesses respond to these challenges and how they will be able to write insurance business after Solvency II implementation. 1 September 2009
Making it clear - reporting and disclosure in the Solvency II world
A much greater level of detail on the Pillar 3 requirements is now available following the publication of CP58 (the draft level 2 advice on supervisory reporting and disclosure) by CEIOPS. To help guide firms in understanding the new reporting and disclosure requirements, a team of Solvency II specialists from PwC has reviewed CP58 and highlighted its key implications. The qualitative and quantitative disclosure requirements detailed in CP58 are extensive and diverse and it is certain that producing the necessary information will pose a significant challenge for all insurers. 29 July 2009
Wave 2: Building blocks for the final Directive
CEIOPS published 24 consultation papers on 2nd July. Here we summarise the aims of each, providing an overview of CEIOPS latest wave of CPs. 7th July 2009
How much is enough? Setting the standards for model approval within an integrated approach to risk management
With the publication of two key consultation papers on model approval (CP56 and CP37, earlier in the year) there is now sufficient information in the public domain for insurers to develop detailed plans and start to allocate resources to model approval. PwC summarise some of the key issues raised within these papers for UK firms in 'How much is enough? Setting the standards for model approval within an integrated approach to risk management'.

1st July 2009
Solvency II implementing measures - Taking solvency II to the next level
CEIOPS issued 12 Consultation Papers in March asking key stakeholders for their thoughts. PwC has provided comment and this two pager provides a short summary of both the topics covered and our views.   1st June and 8th June 2009
PwC responds to CEIOPS consultation papers
PwC subject matter experts dedicated to understanding the technicalities and business impacts of Solvency II have reviewed the first wave of CEIOPS consultation papers. These comments have been submitted to CEIOPS to generate debate, hone policy and aid the development process. 19th May 2009
CEIOPS feedback statement on Issues Paper on system of governance
CEIOPS has published the feedback statement in response to comments received on its Issues Paper "Implementing Measures on the System of Governance". The feedback statement presents CEIOPS' view on the comments received from stakeholders and how they have been taken into account in the development of Level 2 advice. CEIOPS recognises that the System of Governance draft Level 2 advice, which takes into account the comments received, is currently being consulted upon (Consultation Paper no. 33 – "Draft CEIOPS Advice for Level 2 Implementing Measures on Solvency II: System of Governance"), however there are some key issues which CEIOPS believes warrant a specific response in the feedback statement.

11th May 2009
CEIOPS report on convergence 2008 and roadmap for convergence 2009
CEIOPS published today the Report on Convergence 2008 and the Roadmap on Convergence for 2009. CEIOPS Report on Convergence 2008 offers an overview on CEIOPS' achievements in respect of the ECOFIN Roadmap on convergence during 2008 and a summary on the status of work undertaken by CEIOPS to implement the ECOFIN Conclusions. CEIOPS Roadmap on Convergence 2009 presents the different CEIOPS work streams for 2009, in light of ECOFIN Conclusions, G20 Recommendations and the revised Decision of the Commission establishing CEIOPS. The Roadmap will be regularly updated to reflect the status of CEIOPS' work in response to the emergence of requests at the political level.

8th May 2009
Urgency at centre of Solvency II implementation programmes
The FSA has published its Solvency II Directive update paper, The Path to Solvency II: Feedback to DP 08/4, following the Directive passing its final hurdle at the recent ECOFIN meeting. 22nd April 2009
Result of the European Parliament plenary vote
26th March 2009
CEIOPS has released 12 consultation papers - its first set of advice on Level 2 implementing measures
5th March 2009
IAIS issues paper on group-wide solvency assessment and supervision 5th March 2009
Commission Communication on Driving European Recovery 3rd March 2009
The CEIOPS asked the CEA to provide specific input for their preparations of draft advice on Level 2 measures. On 3 March, the CEA published the five papers it produced: 22nd January 2009
Minimum requirements on risk management for insurers (Ma Risk VA) 21st November 2008
QIS4 Results and messages