The Solvency II directive, published in November 2009, aims to create better levels of disclosure, transparency in the insurance sector and effective supervision of the industry. It codifies and harmonises EU insurance regulation. Solvency II came into effect in January 2016 following the EU vote on the Omnibus II directive in March 2014. This page features articles, books and online resources providing guidance and analysis.
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A practitioner's guide to Solvency II
G Maddock (ed), (Sweet & Maxwell, 2016)
A complete guide and explanation of the Solvency II regime
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Risk management and supervision of insurance companies (Solvency 2)
The Solvency 2 directive (amended by the Ominibus 2 directive) became fully applicable to EU insurers on 1 Jan 2016
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This publication looks to provide a bigger picture view of the impact and future of financial regulation in the EU. Chapter 9 looks at insurance regulation in the EU with a detailed section on the Solvency II process
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The Library provides access to leading business, finance and management journals. These journals are available to logged-in ICAEW members, ACA students and other entitled users subject to suppliers' terms of use.
The article reports on the position of the British Prudential Regulation Authority (PRA) on its interpretation of Solvency II amid pressure from politicians and industry bodies. Topics include the change made by Solvency II on insurance regulation across Europe since its introduction in 2016, criticism against the rule, and a feature of the rules that is particularly used by British life insurers.
The authors introduce a theoretical framework and run an empirical analysis to assess the potential impact of Solvency II on the market volume of ILS compared to traditional reinsurance. Judging by the findings, they expect Solvency II to increase the volume of ILS to more than 24% of the global property-catastrophe reinsurance limit or approximately $101 billion by the end of 2018.
The article informs that ratings agency AM Best has revealed that Great Britain is likely to be granted Solvency II equivalency after leaving the European Union. Yvette Essen, AM Best's director, research and communications for Europe and emerging markets, Prudential Regulation Authority (PRA) of Great Britain has established itself as a strong regulator, and reinsurers may have to post collateral to support EU-sourced business..
The article discusses the Solvency II regulation of the European Union (EU) that give insurers the reason to consider shifting away from yield and toward low-risk assets. It mentions that Solvency II ensure that insurers have enough capital to protect against unforeseen losses. It notes that a gradual increase in interest rates in the EU could help insurers generate more income on their investments..
Financial Services Faculty
The Faculty provides technical guidance, briefings and other publications to keep members up to date.
Directive 2009/138/ec
Full text of the directive of the European Parliament and Council, passed on 25 November 2009. The directive concerns the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II).
Proposal for a directive amending directives 2003/71/EC and 2009/138/EC
Proposed directive (known as the Omnibus II Directive) issued by the European Commission on 8 November 2011. The proposal concerns the powers of the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority.
Directive 2014/51/EU amending Directives 2003/71/EC and 2009/138/EC and Regulations (EC) No 1060/2009, (EU) No 1094/2010 and (EU) No 1095/2010
The full text of the Omnibus II directive of 16 April 2004 which amended Solvency II. Applicable from 31 March 2015.
Treasury Select Committee EU Insurance Regulation inquiry
Launched in September 2016, the inquiry looked into the impact of Solvency II and options for the UK insurance industry in the wake of the decision to leave the EU. View the Committee's terms of reference. The inquiry closed in May 2017 and the Committee's report was published in October 2017.
Solvency II Framework (Directive 2009/138/EC) consultation
HM Treasury consultation on the way the Government proposes to change UK legislation to comply with Solvency II rules. The consultation closed on 15 February 2012.
EIOPA guidelines
Guidelines from the European Insurance and Occupational Pensions Authority (EIOPA) covering 28 areas of Solvency II and a further four that relate to the preparatory phase that terminated on 31 December 2015.
Opinion on the solvency position of insurers in light of the withdrawal of the United Kingdom (UK) from the European Union (EU)
EIOPA opinion paper examining the impact of the UK becoming a third country on the solvency position after Brexit. Published in May 2018.
Practice note 20 (revised) - The audit of insurers in the United Kingdom
Guidance from the Financial Reporting Council, revised (January 2017) in conjunction with the Prudential Regulation Authority to reflect the new landscape of prudential regulation under Solvency II.
Using Solvency II to implement IFRS 17
Guide from PwC, published in October 2017, comparing the similarities and differences between Solvency II and IFRS 17. It covers contract liabilities, presentation and disclosure and highlights the impact on wider data and system architecture.
Time to mobilise: Pillar III and IFRS 4
An overview of key issues under Pillar III and the adoption of IFRS 4 Phase II under the Solvency II framework. Published by EY in July 2011.
Getting up to speed: Solvency II data and systems
Guidance published by EY in June 2011.
Harmonising Solvency II Reporting Requirements: the impact of CP58
ICAEW report exploring the opportunity for insurers to implement IFRS and Solvency II systems at the same time. Published in September 2009.
Solvency II
Guidance for Solvency II implementation at Lloyds.
Solvency II - in the brave new world
Grant Thornton survey from 2016 on the attitudes to Solvency II and the progress insurers have made towards the new regime.
2016 Life Insurers Risk Capital Survey
PWC survey focusing on the capital evolution of material risks drawing on material supplied from ten UK companies.
Survey of Solvency II Pillar 3 Readiness
Survey carried out by Deloitte with the Economist Intelligence Unit of insurers operating in the UK. Reports published for Q1 2015 and Q4 2014.
European Solvency II survey 2014
Survey examining how insurers across 20 European countries are preparing for Solvency II requirements. Published by EY in April 2014.
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