Insurers and reinsurers operating in European markets are facing change on an unprecedented scale. The main reason for this is Solvency II.
Solvency II creates, for the first time, a fully harmonised regime for the prudential regulation of insurance businesses in Europe. It is designed to encourage the development of a properly integrated insurance market and primarily applies to insurers and reinsurers established in Europe.
In October’s issue of Compliance Officer Bulletin (published by Thomson Reuters), which can be found here, Geoffrey Maddock and Alison Matthews provide an introduction to the Solvency II regime. It includes discussion of the Solvency II legislative framework and of how the new requirements have been reflected in UK law and regulation.