Source: DST Global Solutions
Most of the time and effort expended on Solvency II thus far has been spent on implementing systems and procedures for measuring and calculating levels of capital and prime risk. However¸ without adequate processes and controls in place in business operations¸ the capital adequacy levels required could be adversely impacted by operational risk weightings.
Solvency II aims to facilitate the development of a single market in insurance services in Europe¸ promoting confidence in the financial stability of the insurance sector¸ and securing an adequate level of consumer protection by reducing the chance of an insurer being unable to meet claims in full. Fundamentally however¸ Solvency II is about a change of behaviour¸ managing your business better and proving that you are doing so.
Read more: DST Global Solutions