Healthy living house calls

Solvency II is an EU legislative programme expected to be implemented in all 28 Member States, including the UK, by 1 January 2016.

It introduces a new, harmonised EU-wide insurance regulatory regime. The legislation replaces 14 EU insurance directives.

  • The key objectives of Solvency II are as follows:

    • Improved consumer protection: It will ensure a uniform and enhanced level of policyholder protection across the EU. A more robust system will give policyholders greater confidence in the products of insurers.
    • Modernised supervision: The “Supervisory Review Process” will shift supervisors’ focus from compliance monitoring and capital to evaluating insurers’ risk profiles and the quality of their risk management and governance systems.
    • Deepened EU market integration: Through the harmonisation of supervisory regimes.   
    • Increased international competitiveness of EU insurers.

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