Solvency II

Organised into 3 pillars, Solvency II establishes a revised set of capital, risk management and disclosure requirements for European insurance industry.

A major driver of Enterprise Risk Management (ERM), Solvency II has a risk-based, forward-looking regulatory focus founded on a ‘total balance sheet’ and market-consistent approach.

For some, these requirements demand some significant and challenging changes, such as

• Developing effective programme management and implementation
• Embedding the Own Risk and Solvency Assessment (ORSA)
• Preparing a Solvency II balance sheet
• Ensuring that the Solvency II data quality standards are respected
• Establishing risk appetite as a key tool in your business management
• Internal model validation and approval process
• Evaluating  the effectiveness and reinforcement of internal controls
• Preparing external disclosure and leveraging with IFRS for insurance contracts (Phase 2)

How PwC can help

Standing at the forefront of the debates involving Solvency II, PwC has a multi-disciplinary and multi-jurisdictional team of professionals who are available to assist you with every aspect of your preparations for Solvency II.

Although the Belgian insurance industry will probably take until 2013 to fully put the new regime in place, the 31 October 2012 deadline is coming up. In the last year, we have already worked with several insurance companies in Belgium to help them assess the implications of Solvency II and plan for its implementation. Why not let us help you?

Read more about Solvency II in our brochure (PDF): Getting to grips with the shake-up .