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ARTICLE · 18 JULY 2011

Increased Corporate Requirements For Insurers

Dillon Eustace
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The publication on 17 December, 2009 of Directive 2009/138/EC ("Solvency II") was the first step in a process to strengthen the supervision and prudential regulation of insurance and reinsurance companies.

IrelandInsurance
Dillon Eustace
Dillon Eustace
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Originally published in Actuarial Post, 7th Jun 2011

The publication on 17 December, 2009 of Directive 2009/138/EC ("Solvency II") was the first step in a process to strengthen the supervision and prudential regulation of insurance and reinsurance companies. Effective in EU Member States from 1 January, 2013, Solvency II is built on a three pillar structure which seeks to ensure that insurance undertakings will have adequate financial resources (Pillar 1), effective governance (Pillar 2) and increased market discipline through disclosure requirements (Pillar 3).

This piece will explore the impact of Solvency II Pillar 2 on insurers and reinsurers, in particular corporate governance, the principles for internal control and risk management, the requirement to prepare an Own Risk and Solvency Assessment ("ORSA") and capital add-ons; and

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