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With the transition from Solvency I to Solvency II, insurers have to contend with a more complex and comprehensive risk management framework than just premiums and reserves. This new framework encompasses the full range of risks exposing a (re)insurance portfolio, including an examination of existing risk mitigation frameworks.

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Andrew Cox, Managing Director; Graham Jones, Senior Vice President; Myra E. Lobel, Managing Director; Eddy Vanbeneden, Managing Director and Steven Sumner, Oliver Wyman, Actuarial Consulting

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Solvency II’s reach and influence extends to Asia Pacific, as Japan and Australia attained provisional third country equivalence status for Group Solvency (Article 227). This status is valid for ten years and reduces the administrative burden for the Solvency II calculation of subsidiaries in the European Economic Area (EEA).

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Andrew Cox, Managing Director; Graham Jones, Senior Vice President; Myra E. Lobel, Managing Director; Eddy Vanbeneden, Managing Director and Steven Sumner, Oliver Wyman, Actuarial Consulting

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Separate but related negotiations continue between the EC, European Insurance and Occupational Pensions Authority, and in the United States, the National Association of Insurance Commissioners (NAIC) and the Federal Insurance Office (FIO).

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Andrew Cox, Managing Director; Graham Jones, Senior Vice President; Myra E. Lobel, Managing Director; Eddy Vanbeneden, Managing Director and Steven Sumner, Oliver Wyman, Actuarial Consulting

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The Solvency II Directive sets out three distinct areas for equivalence:

1. Reinsurance
2. Group Solvency
3. Group Supervision

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Andrew Cox, Managing Director; Graham Jones, Senior Vice President; Myra E. Lobel, Managing Director; Eddy Vanbeneden, Managing Director and Steven Sumner, Oliver Wyman, Actuarial Consulting

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The concept of equivalence under Solvency II determines to what extent (re)insurance entities outside Europe can operate within the European Union (EU) while relying solely on their local solvency standards. The ability to operate in the EU is a significant issue that impacts multinational (re)insurance companies and groups.

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Andrew Cox, Managing Director; Matthew Eagle, Head of GC Analytics® - International; and Eddy Vanbeneden, Managing Director

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On January 1, 2016, the Solvency II regulatory regime took effect. Some celebrated; others were weary from the months and years of preparation.

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Andrew Cox, Managing Director; Graham Jones, Senior Vice President; Myra E. Lobel, Managing Director; Eddy Vanbeneden, Managing Director and Steven Sumner, Oliver Wyman, Actuarial Consulting

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The concept of equivalence under Solvency II determines to what extent (re)insurance entities outside Europe can operate within the European Union (EU) while relying solely on their local solvency standards. The ability to operate in the EU is a significant issue that impacts multinational (re)insurance companies and groups.

Continue reading…

Here we review GC Capital Ideas posts on the benefits of enterprise risk management practices in supporting (re)insurance capital and regulatory decision making.

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Here we review recent GC Capital Ideas posts examining the benefits to (re)insurers adopting Own Risk and Solvency Assessment (ORSA) standards.

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Here we review recent GC Capital Ideas posts on developments in China’s insurance regulatory system. 

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