What is Solvency II compliance?

Solvency II is the day-to-day reality that insurance companies must comply with. We have developed an intuitive and flexible tool to help companies assess their ongoing level of Solvency II compliance.

What is the solvency capital requirement?

The solvency capital requirement is the amount of funds that insurance and reinsurance companies are required to hold under the European Union’s Solvency II directive in order to have a 99.5% confidence they could survive the most extreme expected losses over the course of a year.

Does Solvency II apply to the UK?

‘Solvency II: Supervisory disclosures, PRA’s supervisory approach and insurance regulations applicable in the UK’ in line with our obligations under Article 31(2) of the Solvency II Directive for year-end 2018. The material published will be of primary interest to PRA authorised insurance companies.

Does Solvency II apply post Brexit?

The UK transition period according to the Withdrawal Agreement ends on 31 December 2020. Following this date, all Union primary and secondary law will no longer apply to the United Kingdom, including the Solvency II Directive as well as the Directive on Insurance Distribution (IDD).

Does the UK have Solvency II equivalence?

Switzerland and Bermuda have full Solvency II equivalence in all three areas. The U.K. declared the EU equivalent for Solvency II purposes on Nov. 9, 2020.

What is minimum capital requirement Solvency II?

The Minimum Capital Requirement is a lower, minimum level of security below which the amount of insurers’ financial resources should not fall, otherwise supervisory authorities may withdraw authorisation. [2] See Article 132 of the Solvency II Directive.

What is the Solvency II Handbook?

The Solvency II Handbook: Practical Approaches to Implementation was published by RiskBooks in October 2014 and focuses on the practical aspects of Solvency II and its actual implementation.

What should be included in a Solvency II data directory?

A Solvency II data directory needs to hold a description of the usage of data items and their nature and properties. It should set out the lineage, or data-flow, of these items from source to target. Quality criteria, thresholds and checks for data items are also likely to be defined within the Solvency II data directory.

Should I read the Deloitte Solvency II handbooks?

Both books complement each other and should be read by anyone dealing with Solvency II in any capacity. In both Handbooks Deloitte authors contributed on the theory and practical implications that insurers need to consider when comparing the valuation of insurance liabilities under Solvency II to the forthcoming new IFRS 4 Phase II requirements.

How does Solvency II compare to IFRS 4 Phase II?

In both Handbooks Deloitte authors contributed on the theory and practical implications that insurers need to consider when comparing the valuation of insurance liabilities under Solvency II to the forthcoming new IFRS 4 Phase II requirements. Solvency II is being implemented in 2016 and the new IFRS will follow 2 to 3 years later.