Solvency II proves popular with insurers
Frankfurt - Market response to Solvency II has been enthusiastic and positive, according to the results of the third Quantitative Impact Study (QIS 3) on the Capital Requirements Directive for the insurance sector, published by the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS).
The survey prompted more responses than ever - up 100% on QIS 2 - and most EU countries with a market share above 60% participated. "There were some surprises, but we were pleased to see the new regime will not require any additional capital to be held by the industry, an issue that had been a major concern for many insurers," says Bryan Joseph, business leader of PricewaterhouseCoopers' actuarial insurance practice in London.
Op risk requirements were flagged as one of the areas needing more
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