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Solvency II Directive 2009 (2009/138/EC) is a Directive in European Union law that codifies and harmonises the EU insurance regulation. Primarily this concerns the amount of capital that EU insurance companies must hold to reduce the risk of insolvency .
The definition of operational risk, adopted by the European Solvency II Directive for insurers, is a variation adopted from the Basel II regulations for banks: "The risk of a change in value caused by the fact that actual losses, incurred for inadequate or failed internal processes, people and systems, or from external events (including legal ...
At the heart of the prudential Solvency II directive, the own risk and solvency assessment (ORSA) is defined as a set of processes constituting a tool for decision-making and strategic analysis. It aims to assess, in a continuous and prospective way, the overall solvency needs related to the specific risk profile of the insurance company.
The National Technical Information Service [5] [6] (NTIS) is an agency within the U.S. Department of Commerce.The primary mission of NTIS is to collect and organize scientific, technical, engineering, and business information generated by U.S. government-sponsored research and development, for private industry, government, academia, and the public.
The Swiss Solvency Test (SST) is a risk based capital standard for insurance companies in Switzerland, in use since 2006. The SST was developed by the Swiss Federal Office of Private Insurance (FOPI) in cooperation with the Swiss insurance industry.
Solvency, in finance or business, is the degree to which the current assets of an individual or entity exceed the current liabilities of that individual or entity. [1] Solvency can also be described as the ability of a corporation to meet its long-term fixed expenses and to accomplish long-term expansion and growth. [ 2 ]
He opposed the efforts of Solvency II proponents in the European Union to insist on an equivalent capitalization requirement for U.S. insurance companies. [19] [38] [39] [40] He was active on more than 15 supervisory colleges for large internationally active insurance and reinsurance groups in the U.S. and Europe.
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