Change happens

Solvency II

Solvency II is the biggest shake-up of the European insurance industry in decades. It also means operational risk will be enshrined in insurance regulation for the first time. Fierce battles preceded the directive's political passing, but those that burned brightest were along national lines - particularly the doomed group support regime. Operational risk attracted comparatively little debate. But the surviving framework will represent for op risk in insurance what Basel II has meant for op r