Introduction: Starting the Solvency II Journey

René Doff

Solvency II is the reform of the insurance regulations, a process that started in 2002 and has its ultimate implementation date in 2016. Most readers will be familiar with the outline of Solvency II. While all stakeholders agreed that a review of the insurance regulations was necessary in the early stages of this process, the devil has proven to be in the detail. First, the final and finishing touch of the regulations by all European decision-makers has proven much more difficult than was previously foreseen. However, second, implementing the principles of this new regulatory regime in insurance companies has turned out to be a major challenge not seen before by many insurers. In addition, the timing of implementation, coinciding as it did with the global financial crisis, did not quite speed up both processes …

The two Solvency II Handbooks are strongly related. The 2009 book explains in detail the structure of Solvency II and a range of technical or methodological matters. At the time, little was known about how to implement the new Solvency II rules, despite a series of quantitative impact studies (QIS). In total, five QIS were held, as well as an additional long-term guarantee

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