RBC Worldwide Solvency Modernization Initiative, Risk based capital
News
Australia, Chile and Israel interested in SII equivalence
European Commission has asked for seven countries to be assessed by Eiopa
"Expect more creative reinsurance structures to be used in Europe"
There's also an opportunity for reinsurers outside Europe to reinsure European risks, says Pete Thomas
Geneva Association comments on Dodd-Frank guidance
Issue is Federal Reserve authority over non-banks
SII will impact Europe-US insurance business ownership
Fitch provides US view of the directive
Dodd-Frank swap rule could be catastrophic for insurers
NAIC testifies before Congress on Dodd-Frank
CEA calls for more access to Indian insurance
US Federal insurance committee needs a state lawmaker
NAIC passes landmark model reinsurance law
Lloyd's director appointed to Federal insurance committee
"US will achieve equivalence"
Eiopa notes deviations between Bermudan regulation and Solvency II
Final equivalence reports released by Eiopa
Bermuda to start phasing in SCR at end of year
Analysis
NAIC: "If we respect the differences, we can make this work"
On a visit to London, the NAIC top brass make it clear where they stand on equivalence. "We are not adopting Solvency II and Europe is not adopting the US system and that is okay," says Kevin McCarty, NAIC president. The key issue is making it easy for transatlantic firms to do business, stresses his colleague, CEO Terri Vaughan, in the interview with InsuranceERM
The US presses ahead with its ORSA
A draft ORSA proposal is due to be discussed, and is expected to be adopted, at the NAIC fall 2011 national meeting starting 3 November. The basis of the NAIC proposal, which could become a key part of the regulatory framework for US insurers, is the draft ORSA Guidance Manual, whose key points Jean Connolly, Maryellen Coggins, Brian Paton, Tom Sullivan, Henry Jupe and David Scheinerman discuss here.
NAIC presses on with solvency modernisation
The SMI is only partly related to Europe's move towards Solvency II, says the NAIC. There are similarities between the two which might smooth the path to equivalence between them, but US critics of the SMI could cause delays. Lorna Davies reports.
Japanese insurers and the “Solvency II effect”
Last week Eiopa reported that Japan meets the criteria for equivalence assessment under Solvency II, but with certain caveats. Kunihisa Kawasaki describes the steps Japan has taken to update its risk-based capital insurance framework but says the country can't just "cut and paste" Solvency II.
Will Qatar succeed in the captive market?
Perhaps with an eye on the captive insurers in European locations concerned at forthcoming Solvency II regulations, as well as on the exploding demand for financial services in the Gulf, Qatar has launched an ambitious bid to become a base for captives. Lorna Davies assesses its chances of success.
Highlights
- Aegon and Deutsche Bank in €12bn longevity swap
- Deloitte hires Mike Sobers from Aviva
- A modular approach to the ORSA
- Actuaries embrace faster, more efficient A/LM models
- What Tohoku tells us about Japan earthquake risk
- "Cat modelling for the masses" planned by industry group
- Torus appoints new CFO
- IORP could make hundreds of UK companies insolvent
- NAIC: "If we respect the differences, we can make this work"
- Liberty returns to cat bond market
- One step closer to the new world of regulatory reporting
- Four-fifths of insurers in Bermuda use more than one cat model
- Insurers embrace curve-fitting for SCR calculations
- Sweden's insurers struggle to get ready for Solvency II
- AIR publishes simple cat model tests
- Solvency II and IORP directives need to be aligned
- Eiopa paper shows drawbacks of "one-size-fits-all" approach
- Underwriting discipline "central challenge" for 2012
- Moody's buys Barrie & Hibbert
- Applying complexity science to risk appetite and emerging risk
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