Management and technology consultancy BearingPoint announced the signing of a contract with Zurich Insurance Group for the implementation and use of BearingPoint’s ABACUS/Solvency II reporting solution for 25 affiliates.
This standard software package enables comprehensive regulatory reporting in accordance with the new Solvency II requirements in the EU.
It is built on BearingPoint’s ABACUS solution suite that is widely used in European countries to address Basel III, EMIR and further regulations. ABACUS/Solvency II comprises data collection, validation, preparation and Solvency II supervisory reporting.
Continue Reading “Zurich Insurance implements Europe-wide BearingPoint Solvency II reporting solution” at IBR Technology
Insurance Europe has welcomed the publication and coming into force of the Solvency II Delegated Regulation (our prior blog is here), with a gentle (but very useful reminder) that nothing’s finished, even when it’s done.
Olav Jones, deputy director general of Insurance Europe said, “The adoption of the Delegated Acts is an important, and very welcome, step forward … Solvency II is, however, a huge piece of regulation and it is important that the review processes built into it are used to make a number of important refinements and improvements, particularly regarding unnecessarily high capital charges for long-term investments which are crucial to European Economic growth. We welcome the letter sent by Parliament which raises some of the same issues that we had indicated would need improvement and follow-up“.
The letter that Olav refers to was sent by Roberto Gualtieri, the Chair of the Committee on Economic and Monetary Affairs of the European Parliament to Jonathan Hill, the European Commissioner for Financial Stability, Financial Services and Capital Markets on 19 December 2014. In his letter, Roberto Gualtieri draws attention to some typographical errors in the Delegated Regulations, raises some questions about the way in which some of the empowerments have been used and described, and then attaches a “to do” list of work that still has to be done. That work includes that:
Continue Reading “Insurance Europe responds to publication of Solvency II Delegated Acts – a useful reminder that nothing’s finished, even when it’s done” at Lexology
The implementation of solvency II-based regulatory frameworks in Latin America should boost demand for reinsurance as insurers seek reinsurance capital relief through reductions in net retained risk exposure, said Swiss Re in a report.
Non-proportional reinsurance in particular should become more attractive under solvency II, said the reinsurer.
“[Under solvency II] standard excess of loss (XOL) treaties can be used against specific capital-intensive exposures (albeit for now only for non-life insurers), thereby allowing for more targeted and efficient capital relief than under fixed factor models, which favor proportional reinsurance,” said Swiss Re.
Continue Reading “Solvency II seen boosting LatAm reinsurance demand” at BNI Americas News
The European Insurance and Occupational Pensions Authority’s insistence on pushing through a solvency system for defined benefit pensions comes at the worst possible time for UK providers planning for the UK’s own retirement reforms, experts told FTAdviser.
In its response today to Eiopa’s consultation on the IORP Directive, the industry body’s chief executive Joanne Segars stated that she was “very disappointed” by continued work on the holistic balance sheet project.
Under the holistic balance sheet approach, DB scheme assets would include both the financial and contingent assets, plus the sponsor’s covenant, while the liabilities would include the best estimate, a risk buffer and a surplus item where assets exceeded liabilities.
Continue Reading “Concerns over Solvency II effect on pensions ” at FT Advisor News
Citisoft, a leading global investment management consulting firm, has launched a facility for asset managers deliberating how to meet the pressing ‘Pillar III’ data delivery expectations of Solvency II.
Due to come into effect on 1 January 2016, Solvency II aims to implement solvency requirements that reflect the true risks that companies face and deliver a consistent supervisory system. This EU regulation places immense data creation and data management burdens on insurance firms. Citisoft believes that this seemingly distant date has lulled some asset managers with insurance mandates into a false sense of security.
Continue Reading “Asset managers with insurance mandates ‘lulled into false sense of security’, says Citisoft” at Bobs Guide
As insurers and reinsurers across Europe make their final preparations for Solvency II, the introduction of the long-awaited risk-based capital rules may spark merger and acquisition activity.
While many insurers and reinsurers are well-prepared for the new regime, which will come into force in 2016, those that find aspects of the rules too onerous could become takeover targets, experts say.
“Over the coming year, the re-energizing of Solvency II will see insurance firms weighing the expense against the benefits of compliance in the lead-up to 2016 implementation,” London-based accountancy firm Moore Stephens L.L.P. said in a December note.
Continue Reading “Solvency II capital rules may spark insurer mergers and acquisitions” at Business Insurance News