Opens first Eiopa annual conference in Frankfurt
As expected, the batch of consultation papers and templates issued by Eiopa on 8 November require significantly increased quantitative and qualitative reporting detail for Solvency II in a number of areas relative to Solvency I, although, as the underlying level 2 text is still not finalised, further changes may be required , as William Coatesworth and John McKenzie explain.
Will inform specification for work that firms will need to do for pillar 3
Eiopa's consultation paper on the own risk and solvency assessment (ORSA) confirms how central the approach is to the smooth running of Solvency II. The paper's 24 guidelines "focus on what is to be achieved by the ORSA rather than on how it is to be performed." Here's a summary with some expert comments.
Second Solvency II consultation this week
Will run till January 2012
Looking at costs of running ICAS alongside Solvency II
Likely to be temporarily covered by transitional measures, says Fitch
Milliman comments on details of Eiopa's equivalence reports on Bermuda, Japan and Switzerland
Many firms believe they're already close to compliance with Solvency II, when it's clear that quite a few are not. The problem is: the more progress insurers make, the more they realise they have to do. Simon Kirby spells out the six areas that most need attention.