Quote: “It could also dent the international credibility of the EU, which had intended Solvency II to be a global gold standard that could serve as a model for other countries’ rules.”
What a joke. Solvency II in its current manifestation is a travesty of actuarial thinking and will become a reporting nightmare for the affected insurers. No gold standard there.
What’s worse: national solvency reports will be abolished except under narrowly defined conditions, in the hallowed name of EU harmonisation. This means that reports that are established and that provide a modicum of useful information, will be replaced by reams of gobbledygook and useless detail.
The best would be to call off the Solvency II project and start anew – using all that has been learnt, of course – with a short deadline and strict limits on volume and complexity.
Quote: “It could also dent the international credibility of the EU, which had intended Solvency II to be a global gold standard that could serve as a model for other countries’ rules.”
What a joke. Solvency II in its current manifestation is a travesty of actuarial thinking and will become a reporting nightmare for the affected insurers. No gold standard there.
What’s worse: national solvency reports will be abolished except under narrowly defined conditions, in the hallowed name of EU harmonisation. This means that reports that are established and that provide a modicum of useful information, will be replaced by reams of gobbledygook and useless detail.
The best would be to call off the Solvency II project and start anew – using all that has been learnt, of course – with a short deadline and strict limits on volume and complexity.