A Shift From Compliance Monitoring to Evaluating Insurer Risk
Solvency II is an EU legislative program to harmonize the EU-wide insurance regulatory system and ensure EU insurance companies hold enough capital to reduce the risk of insolvency.
The key objectives of Solvency II are as follows:
- Improved consumer protection: It will ensure a uniform and enhanced level of policyholder protection across the EU. A more robust system will give policyholders greater confidence in the products of insurers.
- Modernized supervision: The “Supervisory Review Process” will shift supervisors’ focus from compliance monitoring and capital to evaluating insurers’ risk profiles and the quality of their risk management and governance systems.
- Deepened EU market integration: Through the harmonization of supervisory systems.
- Increased international competitiveness of EU insurers.
Compliance Made Easy
Identifying the universe of insured legal entities is crucial to understanding an insurer’s risk profile. Opus has solutions to address these requirements:
- Reference Data facilitates the cross-referencing and mapping of entity data to help verify the identity of customers and beneficial owners. Opus can also concord credit ratings information from each of the credit rating agencies together with information directly from the regulators as well as proprietary data vendors (to which the client is licensed) to feed credit models for calculating Solvency Capital Requirements (SCR). Learn more
- Alacra Compliance Enterprise facilitates customer investigations so insurers understand customer relationships and can demonstrate the quality of their governance program. Learn more