SOLVENCY II SIDE EFFECTS .pdf
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Solvency II: Are We There Yet?
December 2010 presentation by
Claude Penland, Associate of the
Casualty Actuarial Society
What is Solvency II?
â€˘ Solvency II is the updated set of regulatory
requirements for insurance firms that
operate in the European Union.
â€˘ See Wikipedia at
â€˘ More info at www.SolvencyDeux.com
Side Effects, Part One
â€˘ Insurers might need to outsource their asset
â€˘ Stock portfolios sold off http://bit.ly/cZ56br
â€˘ Captives might need to be run off
â€˘ Specialist employee costs are being jacked up
â€˘ Not enough regulators with experience
Side Effects, Part Two
â€˘ International Financial Reporting Standards
and Solvency II hit companies twice and
from different angles http://bit.ly/9awkgy
â€˘ Demand for bonds may be driven
artificially high (and yields low) due to
dumping of equities and buying of bonds
â€˘ Cost overruns http://bit.ly/cr4tPt
Is Catastrophe Risk
â€˘ Mega Broker says no http://bit.ly/cHHoGz
â€˘ Aon Benfield says no http://bit.ly/9Dbgt3
â€˘ Perils says thatâ€™s a mighty big catastrophe
that insurers are expected to be prepared for
Solvency II Committees
â€˘ Ironically, they say they must now simplify
the plans theyâ€™ve charted.
â€˘ Read more at
â€˘ Pension Funds & Insurers disagree.
â€˘ Pension Funds donâ€™t want to be regulated by
â€˘ Insurers say what is good for the goose is good for
â€˘ Read more at
â€˘ Most recent Solvency II test results might
be released in March 2011
â€˘ Japan, Switzerland and Bermuda are going
through â€śequivalency testsâ€ť
â€˘ Expect M&A http://bit.ly/ae75Yk
â€˘ Expect Redomiciles http://bit.ly/bnhumt