Considering the business impacts of Solvency II : insurers take a leap into the unknown

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<title>Considering the business impacts of Solvency II</title>
<subTitle> : insurers take a leap into the unknown</subTitle>
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<abstract displayLabel="Summary">Solvency II has ambitious objectives. First and foremost, it is being implemented to strengthen risk management in the industry. The proposals are similar to the Basel II framework on capital adequacy for banks in that they are based around three pillars: the first pillar relates to the calculation of solvency capital requirements and minimum capital requirements using standard or internal models; the second pillar refers to general regulatory principles governing risk and control; and Pillar 3 describes required disclosure on the institution's solvency and financial situation. The challenges of implementation are likely to be considerable. It is clear that Solvency II is a requirement that spans of functions, including risk management, internal controls, financial reporting and information technology</abstract>
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