General Insurance Article - 1 January marks D-Day for Solvency II


Experts from Silverfinch available to discuss how implementation of Solvency II will impact on UK insurance companies and asset managers in 2016.

 1 January marks the culmination of years of work and billions of pounds of expenditure for UK financial series organisations as Solvency II, the European legislation designed to prevent insurance companies from collapsing due to insolvency, comes into force.
 But according to experts at Silverfinch, an organisation that has been working closely with the insurance industry and most asset managers to help them comply with the incoming legislation, Solvency II is now a bloated shadow of its former self, changed beyond recognition from the original legislation and costing vastly more to implement.

 John Dowdall, Silverfinch’s managing director, said:
 “The legislation that comes into force on 1 January bears little resemblance to the proposal first made by the European Union some years ago. It’s bigger, it’s more expensive, it’s data intensive and there are serious questions about the ability of financial regulators to make meaningful sense of the tsunami of information that insurance companies are about to send them.

 “The real test is not what happens on 1 January, but what happens in three–four months when insurance companies will have their first audits under Solvency II. That’s when we’ll find out if the industry is truly compliant and just how much importance the regulator is going to place on getting it right.”

 Silverfinch is a secure fund data utility that allows insurance companies to receive highly detailed so-called ‘look-through’ data on their investments placed with asset management firms. The data is required by insurers to assess the degree of risk to which their investments are exposed, a key requirement of Solvency II. Without this data, an insurance company is not compliant.

Back to Index


Similar News to this Story

Insurers adopting AI more for growth and profitability
In this commentary, we provide an overview of key areas of insurance value chain that stand to benefit from artificial intelligence (AI) adoption as w
Key insights into systemic cyber risk
CyberCube and Munich Re: Joint experts publish report to advance the insurance industry’s understanding of systemic cyber risks. Cybersecurity experts
Comments as the Chancellors new Captives regime is announced
The London Market Group (LMG), LIIBA and IUA welcomes the announcement by Rachel Reeves, Chancellor of the Exchequer that HM Treasury will move ahead

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.