There is very little doubt that (re)insurers face and will continue to face growing regulation and scrutiny both domestically and internationally. Therefore, (re)insurers should seek the most effective and efficient way to meet the growing demands of increased global regulation. What follows below is a brief discussion of the overlap of some of these new global regulatory requirements and thoughts on how (re)insurers might go about approaching them.
Comparison of Regulatory Capital Requirements
In planning and formalizing a global (re)insurer’s approach to satisfying the regulatory requirements of each of its regional supervisors, (re)insurers would be wise to understand where the jurisdictional requirements and standards are both similar and dissimilar. Understanding these similarities and differences will go a long way in creating an enterprise solution to regulatory compliance while avoiding burdensome tasks and redundant efforts.
To view the table comparing Solvency II, Pillar 2 requirements and the National Association of Insurance Commissioners’ Own Risk and Solvency Assessment (ORSA) requirements, click here and turn to page 20 of the full report.