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Overview: Solvency II is the next big thing in the insurance industry. The European Commission’s Solvency II (SII) project will replace its current Solvency I rules for insurers. The new regime’s three-pillared approach aims to align capital adequacy requirements with the true risks of insurance companies. It promotes a risk-based economic framework, which induces insurers to measure and monitor their risks and have risk-based capital requirements. While much of SII’s focus has been on the quantitative aspects, firms should not overlook the risk management requirements contained in SII’s Pillar II and the challenges in meeting them.
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