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EU Insurance Sector Ramping Up to Meet New Regime

Roberta Holland | January 14, 2015

The European insurance industry is bracing for the beginning of its new regulatory regime as the deadline to implement the Solvency II directive approaches.

Member States have until 31 March to transpose the EU directive into their national law. Beginning in April, insurers will have to seek approvals for their internal models used to calculate their Solvency Capital Requirement (SCR). The new regime, which will be fully in force on 1 January 2016, affects nearly every insurer or reinsurer in the EU.

The European Commission said the previous Solvency I, a combination of 14 directives, needed an overhaul because of structural weaknesses, including a failure to take into account key risk factors in setting capital requirements. The new regime, first adopted in 2009 and amended last year through...

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