On January 1, 2016, Solvency II entered into force, introducing new regulations for the insurance industry. SI Consulting has helped several insurance companies reach regulatory solvency.
Solvency is a measure of how well a company or person can fulfill its commitments. The directive replaced just over 17 previous directives and compiles the legislation of insurance companies throughout the EU. This applies primarily to the amount of capital that insurance companies in the EU must hold, to reduce the risk of insolvency. A new European government body: EIOPA has been created, which intends to be a European Insurance, Life Insurance and Reinsurance Supervisory Authority, with the purpose of having strong oversight of insurance companies in Europe.
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