Solvency II adopted

On November 10th the European Council adopted a directive setting out new solvency rules for insurance companies.

The Solvency II directive aims to ‘reflect the latest developments in prudential supervision, actuarial science and risk management and to allow for updates in the future.’ It will strengthen the supervision of insurance companies and
prudential regulation and establishes a new framework for EU regulation through the recasting of 14 existing insurance directives into a single legal text.

The new rules are intended to:
– increase the integration of the EU insurance market;
– strengthen protection of policyholders and beneficiaries;
– enhance the competitiveness of EU insurers and re-insurers; and
– encourage improved legislation in this sector.

Read the adoption statement (PDF)

•Date: 11th Nov 2009• Region: UK/Europe •Type: Article •Topic: Op.risk
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