Podcasts about solvency ii

Looking at clues from the past, our Global Head of Fixed Income Research Andrew Sheets examines how the recurring themes – from deregulation to volatility – are shaping markets and why every cycle still takes its own path.Read more insights from Morgan Stanley.----- Transcript -----Andrew Sheets: Welcome to Thoughts on the Market. I'm Andrew Sheets, Global Head of Fixed Income Research at Morgan Stanley. Today, what can Odysseus teach us about investing? It's Friday, July 24th at 2pm in London.Like many of you, this week I saw The Odyssey. The enduring appeal of this story more than 2,700 years after it was composed is a reminder that some themes are universal. Pride, resourcefulness, determination, self-control, or the lack thereof, mattered to both an ancient Greek dinner party and resonate with anybody investing today.But drawing lessons from the past is also tricky. We do not have that much financial history, and markets contain too many variables for the same combination to align twice. Some judgment, art, and dare we say storytelling is always involved in deciding which historical periods best describe the present. Those disclaimers aside, we've argued in our year ahead outlook that 1997 to 1998 and 2005 to 2006 are some of the most useful templates for the current backdrop.That remains our view. They suggest a cycle that has further to run, equities outperforming credit, and a preference to own volatility. Both of these periods were defined by a sharp rise in corporate activity. That is certainly what we're seeing today.We forecast U.S. capital expenditure to rise 23 percent in 2026, and 26 percent in 2027. AI is the biggest driver of this spending but build-outs in energy infrastructure are also playing a role. And increased corporate CapEx is certainly a global story, especially in Asia.Then there's M&A, which also rose significantly in these two past historical periods. As recently as early 2024, global M&A volumes were unusually depressed, some of the lowest levels in over 30 years, adjusted for economic size. But that's no longer the case. And more recently, M&A is currently running up 64 percent relative to a year ago.Important current macroeconomic data also looks somewhat similar to these past two periods. The current levels of U.S. core PCE inflation, the unemployment rate, and the 10-year yield are pretty close to the averages seen in 1997, 1998, 2005, and 2006.And the U.S. 2s10s yield curve, well, it broadly flattened then, and it has broadly been flattening today. A third similarity, maybe less obvious but no less important, is deregulation. Both 1997 and 1998 and 2005 to 2006 saw significant financial deregulation. And we're seeing that again now. From the Basel Endgame to NAIC risk weights to Solvency II changes to savings reforms in Europe, Korea, and elsewhere, the current trend appears to be on a firmly deregulatory path.Even more simply, 1997 and 1998 and 2005 to 2006 provide interesting narrative bookends to two ways that I often hear the current environment being described. The late '90s? Well, that was defined by rising excitement around a transformational new technology – then the internet – and the prospect of a more productive future. Sound familiar? And the mid-2000s? Well, that was defined by a very unequal economy and rising consumer stress – but growth that was still supported by a seemingly inexhaustible investment demand from a rising market force. Then that force was emerging markets. Today, it's AI. Again, somewhat familiar. If these periods serve as a guide, the cycle probably has further to run, and corporate aggression should favor equities over credit.But if we learn anything from the trials of Odysseus, the journey can throw up plenty of surprises along the way. Thank you, as always, for your time. If you find Thoughts on the Market useful, let us know by leaving a review wherever you listen. And also tell a friend or colleague about us today.

In our latest Inside Insurance – Navigating Solvency II Reform video, Jean Rea and Órlaith Lehane discuss one of the most significant Pillar 2 developments coming through the Solvency II Review – sustainability risk management. The session looks at the evolving expectations on insurers, including Sustainability Risk Plans, governance and risk management integration, ORSA scenario analysis, and consideration of the broader ESG risk spectrum. With implementation due from January 2027, now is a great time for insurers to understand what is changing and how existing climate risk frameworks can be leveraged to support compliance.

In this episode of “The Standard Formula” global prudential solvency series, host Robert Chaplin is joined by colleagues Connor Williamson and Dev Jain to examine the prudential solvency regimes of Taiwan and Vietnam. Together, they explore Taiwan's capital adequacy regime under the Taiwan Insurance Capital Standard, currency risk challenges facing life insurers, market entry requirements in both jurisdictions and policyholder protection mechanisms. They also examine Vietnam's ambitious growth agenda, as well as the country's push to establish International Financial Centers in Ho Chi Minh City and Danang to attract foreign investment and become a regional financial hub.

In our fourth Inside Insurance – Navigating Solvency II Reform video, Eoin King and Sinead Heavey explore the concept of proportionality — a theme that has featured across the video series to date. The discussion examines proportionality from both an SNCU and non-SNCU perspective, discussion the process involved , as well as the practical implications across all three pillars of Solvency II.   Please reach out to us if you have any questions or would like to explore any aspects of upcoming changes in more detail.

In our third Inside Insurance – Navigating Solvency II Reform video, Eoin King and Sinead Heavey explore what the upcoming Pillar 3 changes could mean for Irish insurers ahead of the January 2027 implementation date. The discussion covers key impacts across the SFCR, RSR and QRTs. Please reach out to us if you have any questions or would like to explore any aspects of upcoming changes in more detail.

In our second Inside Insurance - Navigating Solvency II Reform video, Eoin King, Clara McDonald and Sinead Heavey discuss what the Solvency II Pillar 2 changes could mean for Irish insurers ahead of adoption date in January 2027. If you would like to learn more or discuss any aspect of the upcoming changes, please get in touch with the team. https://kpmg.com/ie/en/insights/insurance/inside-insurance-podcast-series.html

In this edition of Inside Insurance, we examine the upcoming Solvency II changes, focusing on Pillar 1. KPMG experts Eoin King, Cherith Caffrey and Sinead Heavey discuss the key areas of change and what they may mean for insurers. If you would like to learn more or discuss any aspect of the upcoming changes, please get in touch with the team.

In the latest episode of Skadden's global series on prudential solvency, host Robert Chaplin is joined by Skadden colleagues Stan Amoah and James Pickstock to examine the regulatory frameworks governing two of Asia Pacific's most prominent insurance markets, Hong Kong and Singapore. The discussion covers Hong Kong's transition to a three-pillar risk-based capital regime under the Insurance (Amendment) Ordinance 2023, the Greater Bay Area initiative, Hong Kong's ILS hub, Singapore's evolving RBC2 framework, the matching adjustment and market entry routes for foreign insurers, among other in-depth analysis.

Malaysia's insurance market is one of Southeast Asia's most developed, with total gross written premiums for general insurance totaling 23.1 billion Malaysian ringgit — approximately $5.8 billion — in 2024, representing year-on-year growth of 6.9%. In this episode of Skadden's global series on prudential solvency requirements, host Robert Chaplin and colleague Caroline Jaffer examine the country's distinctive dual financial system, which covers onshore and offshore insurance, as well as Malaysia's landmark risk-based capital framework that is scheduled to be implemented in January 2027, the Sharia governance framework governing Takaful operators, the new Digital Insurers and Takaful Operators framework and the offshore regime on the island of Labuan.

Link: https://www.hrcie.com/insurenxt-2026-in-koeln/ Eventkalender: https://www.aiordie-x.de/eventkalender/ Kontakt: https://www.hrcie.com/ Versicherungen waren schon datengetrieben, bevor AI zum Buzzword wurde. Doch jetzt steigt der Druck massiv. In dieser Folge von AI or DIE spricht Andreas Wiener mit Frank Hendricks über die Realität moderner Versicherungen: Solvency II, BaFin-Regulierung, Dunkelverarbeitung, Kostenumlage, Data Governance und die Frage, warum Versicherer heute Transparenz liefern müssen, die sie vor zehn Jahren noch gar nicht messen konnten. Dabei wird schnell klar: Versicherung ist längst kein klassisches Policengeschäft mehr. Es ist ein hochreguliertes Daten- und Steuerungsbusiness. Frank erklärt, warum Prozesse heute komplett automatisiert laufen müssen, wie Tarife bereits auf „Dunkelverarbeitbarkeit“ optimiert werden und weshalb Kostenverteilung in Versicherungen ein eigenes Universum ist. Außerdem geht es um die Rolle von IBM Planning Analytics / TM1 bei hochkomplexen Umlage- und Steuerungsmodellen, um regulatorische Nachweispflichten, Audit Trails, Governance und die Realität hinter modernen Versicherungs-IT-Systemen. Eine Folge für alle, die verstehen wollen, warum Versicherungen beim Thema Daten oft weiter sind als viele andere Branchen — und warum AI ohne saubere Steuerungslogik dort wertlos bleibt. ⸻ Timestamps 00:00 – Intro und Rückblick auf die erste Folge 01:04 – Warum Versicherungen extrem datengetrieben arbeiten 01:54 – Solvency II und die Folgen der Finanzkrise 03:41 – Transparenz als regulatorischer Zwang 05:06 – Dunkelverarbeitung und vollautomatische Schadenprozesse 07:15 – Warum Tarife heute auf Automatisierung optimiert werden 08:28 – Die HUK Coburg als datengetriebener Versicherer 10:32 – IBM Planning Analytics / TM1 bei der HUK 12:20 – Kostenumlage als zentrale Herausforderung 13:33 – Warum Versicherungen eigene Rechnungslogiken haben 14:49 – Das Problem klassischer ERP-Systeme 16:05 – TM1 als Nebenbuch und prüfungsrelevantes System 18:23 – Verteilungsschlüssel und regulatorische Nachweispflichten 20:25 – Echtzeit-Umlagen und In-Memory-Technologie 21:20 – Governance, Audit Trails und Compliance 24:53 – Monitoring, Deployment und Data Governance 27:53 – Warum TM1 seit Jahrzehnten erfolgreich eingesetzt wird 29:21 – Predictive Analytics und Simulationen im Controlling 31:57 – Fazit: Versicherungen als hochkomplexe Datenorganisationen 33:15 – Austausch, Community und Insurance Next in Köln

Colombia's total gross written premium (GWP) is projected to reach $8.9 billion this year and grow to over $11.5 billion by 2028, signifying its rise as a significant and expanding insurance market. In this special additional episode of “The Standard Formula,” host Rob Chaplin is joined by colleague Caroline Jaffer explore Colombia's prudential solvency regime, building on their recent episodes focused on Central and Latin America. They examine the regulatory role of the Superintendencia Financiera de Colombia (SFC), Colombia's alignment with international standards through IAIS membership and the country's gradual shift toward a risk-based capital model. Rob and Caroline also discuss progress toward Solvency II adoption, technical reserve requirements and cross-jurisdictional reinsurance rules through the REACOEX registry.

Australia and New Zealand sit at opposite ends of the international solvency spectrum — as Australia is among the largest in the Asia Pacific region, while New Zealand is smaller in scale and undergoing significant evolution to align with international best practices. During this penultimate episode of “The Standard Formula” series on global prudential solvency requirements, host Rob Chaplin and associate Connor Williamson examine the two countries' markets and regulatory regimes, regulatory structures, capital standards, governance and reporting requirements, and reinsurance frameworks, among other topics.

South Korea's insurance industry is estimated to be the seventh-largest globally, with high market concentration: three life insurers hold approximately 50% of the life insurance market while the top four non-life insurers control about 70% of the non-life market. In this episode of Skadden's yearlong podcast series on global insurance regulatory regimes, host Rob Chaplin and colleague Chiara Iorizzo explore South Korea's robust, multi-layered regulatory framework. Tune in for their detailed analysis of the country's regulatory and prudential regimes and observations about how the country aligns with global insurance standards.

Dale Kirby and Andrea Porta, both of AM Best, said a greater share of European insurers meet Solvency II standards compared with carriers in Africa and the Middle East. Both spoke with AM Best TV at AM Best's Europe Insurance Market & Methodology Briefings – London.

On the latest episode of "The Standard Formula," host Rob Chaplin is joined by associates Dev Jain and Richi Kidiata for a comprehensive tour of Africa's rapidly evolving insurance landscape. The team delves into the regulatory frameworks of South Africa, Morocco, Egypt, Nigeria and Kenya — markets at the forefront of aligning with international best practices and standards such as Solvency II — and breaks down each jurisdiction's approach to capital and liquidity requirements, risk management and governance, while highlighting recent reforms, local challenges and the growing integration of African insurers into the global financial system.

While Latin America accounts for just 3% of the global insurance market, the region's total written premiums grew at an impressive 11% annually between 2019 and 2024, with projections indicating this growth will continue. In this installment of Skadden's yearlong podcast series on global prudential solvency requirements, host Robert Chaplin and colleagues Caroline Jaffer and James Pickstock do a deep dive into the insurance regimes in Mexico, Brazil, Chile and Argentina. Tune in as they break down each jurisdiction's regulatory authority, unique prudential requirements and gradual shift toward European or Bermudian-style risk-based systems.

In this episode of Tranche Talk, Cloud 9fin's CLO series, our global head of CLOs Tanvi Gupta, talks with Edwin Wilches, Co-head of Securitized Products at PGIM.They talk about how securitization is the key component in Europe's growth agenda, how more work needs to be done for Solvency II, the evolution of insurance demand, relative value and the impact on liquidity from recent regulations. They also delve into the unintended consequences of putting out a clarification in the middle of summer and the art of staying zen.Have any feedback for us on the podcast? Send a note to podcast@9fin.com. Thanks for listening!

Canada has one of the world's most sophisticated and internationally integrated insurance markets, marked by robust capital requirements and an increasing orientation towards ESG- and climate-related considerations. Continuing Skadden's global tour of prudential solvency regimes, host Rob Chaplin and colleague Chiara Iorizzo examine Canada's insurance regulation structure, valuation approach, capital quality standards and modernization efforts.

This week we talk to Wendy Kriz Evans, a principal at LCP, about the key findings from LCP's annual Solvency II report. We discuss: • Changes in the UK and Irish market solvency coverage ratio. • The changes in geo-political risks firms are facing. • How firms are starting to take action on cyber and climate change risks.

In this episode of The Standard Formula, host Robert Chaplin and Skadden colleague Theo Charalambous provide a high-level refresher on Solvency II, Solvency UK and relevant recent developments as part of Skadden's year-long podcast series on global prudential solvency requirements. The hosts detail both regimes and relevant topics, including the Matching Adjustment Accelerator (MAIA), enhanced liquidity reporting requirements, and new exit planning obligations for Solvency UK that represent a shift away from Solvency II toward a U.K.-focused approach.

India has emerged as the 10th-largest insurance market in the world by total premium volume, yet its insurance penetration level sits around 3%-4%, well below the global average of 7%. In the eighth episode of Skadden's year-long podcast series on global prudential solvency requirements, host Robert Chaplin and colleague Anika Goodfellow explore the country's evolving insurance regulatory landscape and outline its goal of transforming the sector to allow for companies to more easily conduct business.

China's insurance market has emerged as the second-largest in the world and is on pace to become the largest worldwide by the 2030s. In the seventh episode of Skadden's yearlong podcast series on global prudential solvency requirements, host Robert Chaplin and Skadden colleague Feargal Ryan explore China's regulatory transformation from a centralized state monopoly to a sophisticated risk-based system. They highlight the establishment of the National Financial Regulatory Administration, the implementation of the China Risk-Oriented Solvency System (C-ROSS) and Shanghai's recent growth as an international reinsurance hub.

Die Themen im heutigen Versicherungsfunk Update sind: IHK-Zertifikatslehrgang für Versicherungsmakler kommt Ende 2025 Ein neuer Zertifikatslehrgang der VEMA und IGVM in Kooperation mit der IHK soll Versicherungsmakler fit für die Zukunft machen. Ab Ende 2025 können Makler ihre Fachkompetenz in einem praxisnahen, hybriden Kursformat weiterentwickeln – inklusive Digitalisierung, KI und Haftungsfragen. Das IHK-Zertifikat soll als Gütesiegel für Qualität und Kundenorientierung wirken. Versicherer begrüßen pragmatischen Ansatz bei CSRD-Umsetzung Der GDV begrüßt den Referentenentwurf zur Umsetzung der Corporate Sustainability Reporting Directive (CSRD). Besonders positiv hervorzuheben ist die im Entwurf enthaltene, uneingeschränkte Beibehaltung der Konzernklausel für Versicherer. Auch die geplante Befreiung von Unternehmen mit 501 bis 1.000 Beschäftigten für die Geschäftsjahre 2025 und 2026 wird explizit begrüßt. Trotz der positiven Ansätze sieht der GDV weiteren Anpassungsbedarf. Statt einer separaten Bestellung des Nachhaltigkeitsprüfers fordert er eine Opt-out-Lösung: Der Jahresabschlussprüfer sollte grundsätzlich auch für den Nachhaltigkeitsbericht als bestellt gelten. Haftpflichtversicherung: Diese Anbieter überzeugen ihre Kunden am meisten Eine aktuelle Studie von ServiceValue in Kooperation mit dem Handelsblatt hat die Kundenzufriedenheit bei Haftpflichtversicherern untersucht. CosmosDirekt wurde mit der besten Bewertung (2,69) als „Bester Dienstleister“ ausgezeichnet, gefolgt von HUK-Coburg (2,70) und R+V (2,72). Insgesamt wurden 46 Anbieter bewertet – nahezu jeder zweite erhielt eine Auszeichnung für überdurchschnittliche Kundenzufriedenheit. Mehr dazu >>> Solvency II: GDV fordert Nachbesserungen Die Versicherer begrüßen den Fortschritt im aktuellen Entwurf der Delegierten Verordnung zu Solvency II, sehen aber weiterhin Nachbesserungsbedarf. Ein zentraler Punkt ist die Bewertung langfristiger Verpflichtungen, etwa in der Lebensversicherung. „Die vorgeschlagenen technischen Parameter stellen diese Stabilität langfristig nicht sicher“, sagt GDV-Hauptgeschäftsführer Jörg Asmussen. Auch bei den Berichtspflichten besteht weiter Reformbedarf. Gerade kleinere und mittlere Versicherer sind durch aufwendige Vorgaben stark belastet. uniVersa holt neue Vertriebsvorständin und stellt Vorstandsspitze neu auf Mit Wirkung ab 1. Februar 2026 wird Jutta Holzmann neue Vertriebsvorständin der uniVersa Versicherungsunternehmen. Sie folgt auf Werner Gremmelmaier, der sich zum 31. Januar 2026 in den Ruhestand verabschiedet. Jutta Holzmann verantwortet dann den Vertrieb, Vertriebsservice, das Marketing sowie den Bereich Zentrale Services. Damit wird zugleich der Vorstand der uniVersa auf insgesamt vier Vorstandsmitglieder erweitert. Darüber hinaus wurde Frank Sievert mit Wirkung ab 1. Dezember 2025 zum Vorstandssprecher ernannt. Mehr dazu >>> Zurich startet Kampagne zu Geruchsverlust Die Zurich startet eine Erlebnis-Kampagne, die den Verlust des Geruchssinns und seine Auswirkungen auf Erinnerungen in den Fokus nimmt. Mit einer immersiven Ausstellung will der Versicherer Betroffenen helfen, ihre „Lieblingsmomente“ zurückzuerlangen.

In the latest episode of Skadden's yearlong podcast series on global prudential solvency requirements, host Rob Chaplin and colleague Chiara Iorizzo explore regulatory capital in the United States, one of the largest insurance markets in the world. They discuss how the insurance industry is regulated across the country, as well as how the National Association of Insurance Commissioners operates and interacts with state-level regulators. They also review how solvency capital is calculated in the U.S. and how companies licensed in multiple states must adhere to relevant laws in each jurisdiction, among other topics.

Radhika Das, IFN Journalist, interviews Dr Vicente Pons, Managing Principal, Frontera Capital Group, on structuring a risk-remote, Solvency II-aligned facility supported by ICIEC credit insurance and mobilizing international capital into frontier markets through innovative, development-focused finance

The Middle East insurance market is expected to grow significantly as a hub over the next several years, with predicted growth of almost 29% by 2028. In the fifth episode of Skadden's yearlong podcast series on global prudential solvency requirements, host Robert Chaplin and colleague Caroline Jaffer explore the regulatory landscape in the UAE, Saudi Arabia, Qatar, Bahrain and Oman. During the discussion, Mr. Chaplin and Ms. Jaffer explore the state of the Middle East insurance sector, including “financial free zones,” capital requirements, solvency margins and the growing influence of international standards in the region's evolving insurance markets.

Dieses Mal tauchen wir ein in die Welt der Cloud-Technologien und schauen ganz genau hin, welche Chancen und Herausforderungen sie für Versicherungsunternehmen mit sich bringen. Besonders im Fokus: die aktuellen regulatorischen Anforderungen wie DORA, Solvency II und der Cyber Resilience Act, die die digitale Widerstandsfähigkeit und das IT-Risikomanagement der Branche auf ein neues Level heben.Unsere Hosts Dominik Badarne und Herbert Jansky begrüßen zwei absolute Cloud-Urgesteine: Achim Heidebrecht, dessen jahrzehntelange Erfahrung und Pionierarbeit bei der Cloud-Einführung in der Versicherungsbranche besonders heraussticht, und Adrian Wnek, der seit 2012 Cloud-Projekte – insbesondere mit AWS – auf ein neues Level hebt und Unternehmen befähigt, selbstbewusst und sicher in die Cloud zu starten.Freut euch auf ehrliche Einblicke, persönliche Erfahrungen aus echten Transformationsprojekten, Anekdoten aus den frühen Tagen der Cloud-Migration bei Talangs, Learnings rund um Compliance und Regulatorik und einen Blick darauf, wie Unternehmen heute Cloud-Lösungen industriell und sicher umsetzen können. Außerdem werfen wir einen Blick über den Tellerrand, sprechen über Innovationen in anderen Branchen und klären, warum gerade die Cloud helfen kann, regulatorische Anforderungen besser zu erfüllen.Lehnt euch zurück und begleitet uns auf dieser spannenden Reise durch Vergangenheit, Gegenwart und Zukunft der Cloud im Versicherungssektor!Schreibt uns gerne eine Nachricht!Folge uns auf unserer LinkedIn Unternehmensseite für weitere spannende Updates.Unsere Website: https://www.insurancemondaypodcast.de/Du möchtest Gast beim Insurance Monday Podcast sein? Schreibe uns unter info@insurancemondaypodcast.de und wir melden uns umgehend bei Dir.Dieser Podcast wird von dean productions produziert.Vielen Dank, dass Du unseren Podcast hörst!

In the fourth episode of Skadden's yearlong podcast series on global prudential solvency requirements, host Robert Chaplin and associate James Pickstock explore the Cayman Islands' insurance regulatory landscape. As the second-largest jurisdiction for captives and a significant player in reinsurance markets, the Cayman Islands provides insurers with the ability to design a bespoke capital, investment and resourcing model that is right for individual companies' needs, making it an attractive market for insurers. Rob and James discuss the Cayman Islands' insurance history, regulatory classifications, solvency capital requirements and investment rules. They also examine how the jurisdiction aligns closer to the U.S. solvency regime as opposed to Solvency II standards.

In the third episode of Skadden's yearlong podcast series on global prudential solvency requirements, host Robert Chaplin and colleague Annabel Smethurst discuss Japan's insurance and regulatory landscape. As the world's fourth-largest insurance market, Japan has become increasingly attractive to foreign insurers due to its mature market, aging population and ongoing regulatory reforms. Rob and Annabel explore Japan's regulatory framework, its evolution from the "financial Big Bang" of the 1990s and the flourishing reinsurance sector that has emerged as the country aligns with international standards such as Solvency II and the Insurance Capital Standard (ICS).

In the second episode in Skadden's yearlong podcast series on global prudential solvency requirements, host Robert Chaplin and colleague Abraham Alheyali discuss the regulatory regime in Bermuda, a global center for insurance and reinsurance. More than 30 major firms underwrite from the country, and it is the largest supplier of catastrophe reinsurance to U.S. insurers. Rob and Abraham discuss the Bermuda Monetary Authority's (BMA's) regulatory approach toward different types of insurers and reinsurers, the four key concepts in Bermuda's prudential regime, various requirements for capital holdings and investments, and how the insurance industry's growth and increasing sophistication will likely lead to future regulatory changes.

Host Rob Chaplin and Skadden colleague Caroline Jaffer debut the first episode of a yearlong series on global prudential solvency requirements, which will form the basis of the forthcoming Encyclopaedia of Prudential Solvency publication. In this episode, they discuss the International Association of Insurance Supervisors' (IAIS') December 2024 adoption of the Insurance Capital Standard (ICS), which Rob notes is a “watershed moment” in global insurance regulation. Rob and Caroline outline key components of the IAIS and the ICS, as well as detail what supervisory authorities and internationally active insurance groups (IAIGs) can expect next regarding the ICS.

The regulatory landscape for captive insurance in the European Union is evolving, with Solvency II amendments bringing significant changes to capital requirements, proportionality, and reporting obligations. In this episode, Joel Appelbaum, chief content officer at IRMI and Captive.com, sits down with Alex Gedge, senior captive consultant at Hylant, to discuss what these updates mean for captives and how organizations can adapt. Solvency II, introduced over a decade ago, was designed to enhance the financial stability of insurers operating within the European Union. However, its one-size-fits-all approach has long been a challenge for captives, which operate with distinct risk profiles compared to traditional insurers. The latest amendments introduce a more proportional regulatory framework, reducing capital burden and simplifying governance requirements for small and noncomplex undertakings. Alex provides insights into how captives can leverage these changes, including the benefits of the reduced cost-of-capital rate in risk margin calculations, strategies for adapting to evolving environmental, social, and governance regulations, and how captives can position themselves for long-term success in a shifting regulatory environment.

As 2024 draws to a close, Rob Chaplin invites colleagues to review a year of change throughout the insurance industry. In keeping with the spirit of a traditional holiday countdown, the team presents 12 topics that spanned the year.For more Skadden insights about Solvency II, click here for their updated guide, The Standard Formula: A Guide to Solvency II.

In this installment of The Standard Formula's series on Solvency II, host Robert Chaplin and Chiara Iorizzo unpack the regime's public reporting element. As Rob explains, public reporting “bolsters transparency and market discipline across the insurance industry.”Rob and Chiara cover requirements of the Solvency and Financial Condition Report (SFCR) and discuss some proposed changes to these reporting requirements. They also explore external audit requirements and review the role of the European Insurance and Occupational Pensions Authority (EIOPA) in information disclosure.

Host Robert Chaplin and guest James Pickstock cover the Solvency II supervision framework, which is designed to protect policyholders and promote insurer soundness. They focus on the Regular Supervisory Report (RSR), a quantitative tool that is among four key areas that insurers must disclose to supervisors. Robert and James also look ahead to legislative reform effective at year's end.Watch for our next episode, which will focus on the Solvency and Financial Condition Report, another key area that must be reported to supervisors.

This week we talk to Robert Chaplin, a Partner and Head of the Financial Institutions Group in Europe at Skadden. Rob works in the insurance and asset management sectors and hosts his own podcast ‘The Standard Formula: A Guide to Solvency II'. We discuss: • Has Solvency II met its original objective? • Is there appetite in the market for legislators to change the regulation? • Are we going to see a greater globalisation of standards? • What else might we expect for Solvency UK?

When U.K. insurers observe they cannot comply with requirements under Solvency II, there are detailed steps that one must take.Feargal Ryan, European counsel in Skadden's Financial Institutions Group, and host Rob Chaplin, head of the firm's Financial Institutions Group in Europe, break down insurers' obligations. They explain differences between the Solvency Capital Requirement (SCR) and Minimum Capital Requirement (MCR) and examine the Prudential Regulation Authority's (PRA's) requirements.

Because strategically allocating assets and managing investments are key to an insurer's business, valuing assets and liabilities is an important area of focus.In this episode of “The Standard Formula,” host Rob Chaplin, head of Skadden's Financial Institutions Group in Europe, is joined by associate Olivier Peeters for a conversation about Solvency II's requirements for asset and liability valuation. Rob and Oliver cover the general principles and specific rules for some balance sheet items and explore recent trends regarding investments into illiquid, or alternative, assets.

Solvency II imposes numerous governance requirements on insurers. In this episode of “The Standard Formula” podcast, Skadden partner Sebastian Barling and Rob Chaplin, host and head of Skadden's Europe Financial Institutions Group, guide insurers through these complex requirements.They spotlight the Own Risk and Solvency Assessment, or ORSA, a cornerstone component of Solvency II that insurers must use to assess their risks and solvency needs. Sebastian and Rob also detail the Senior Managers and Certification Regime, or SMCR, which applies to insurers in the United Kingdom. The SMCR complements and enhances the governance requirements under Solvency II. They close with an overview of operational resilience and outsourcing requirements.

“Insurers are expected to hold eligible owned funds in excess of the Solvency Capital Requirement. There are two main methods of calculating the SCR under Solvency II, the standard formula and internal model methods.”In this episode of “The Standard Formula” podcast, Rob Chaplin, host and head of Skadden's Europe Financial Institutions Group is joined by colleague George Belcher to discuss Solvency II's internal models (IM). Despite a higher cost of development, IMs offer numerous benefits, such as more accurate risk sensitivity, more flexibility and more available data. Rob and George also explore partial IMs, changes to existing models, the PRA approval process and implications of the U.K.'s move away from EU Solvency II standards.

“The Solvency Capital Requirement, or SCR, is designed to protect policyholders by helping to make sure that insurers can survive difficult periods and pay claims as they fall due.”In this episode of "The Standard Formula" podcast, Rob Chaplin, host and head of Skadden's Europe Financial Institutions Group, is joined by colleague Will Adams as they take an in-depth look at the Solvency Capital Requirement, one of Solvency II's most important and complex provisions. The discussion covers the SCR's key features, risk modules, how it's calculated and its relationship with the Minimum Capital Requirement (MCR). They also discuss the standard formula (for an in-depth discussion of technical provisions, listen to the previous episode).

“Technical provisions are crucial, as they form the fundamental basis for assessing the financial stability of insurance and reinsurance plans.”In this episode of “The Standard Formula” podcast, Rob Chaplin, host and head of Skadden's Europe Financial Institutions Group, is joined by colleague Mary Bonsu. Rob and Mary delve into the complexities of technical provisions under Solvency II, shedding light on crucial elements such as best estimate of liabilities and risk margins. They discuss factors influencing these elements, such as financial guarantees, future management actions and risk-free interest rate term structures.The conversation also touches on methods to mitigate short-term volatility, and contrasts Solvency II with IFRS 17.

A decade ago, in the aftermath of the global financial crisis, anxiety around unknowns was still rippling through financial markets, including within secondaries. Similarly, there was a great deal of concern around the Volcker Rule that came into effect in 2014, which essentially prohibited banks from investing in private equity with their own funds. In 2013, secondaries volume sat at around $28 billion. The following year, volume leapt to $42 billion. While regulation should not be overplayed, the Volcker Rule and Solvency II – a regulation affecting insurance companies and the percentage of risky assets they can hold on their balance sheets – played a big role in this increase. In 2014, "There was suddenly... a lot more publicity being given to what people had been doing," Katherine Ashton, partner at Debevoise & Plimpton, explained. "With the increased publicity, with the increased knowledge of the market, that fed on itself and led to outdoing some of the predictions [for the growth of the market] because the more people realised that there were willing buyers and sellers, the more it allowed the market to develop." Welcome to the Decade of Secondaries Investing miniseries, where we celebrate 10 years of Secondaries Investor with reflections on key trends that have shaped the market, as well as a glimpse into what likely lies ahead. In this first episode, we sit down with Ashton as well as Michael Granoff, chief executive and founder at Pomona Capital. Each give insight into how the Volcker Rule and other post-GFC legislative frameworks spurred secondaries sales. For full coverage of our Decade of Secondaries Investing series, including all podcast episodes and an interactive timeline, click here.

The U.K.'s investment rules for insurers and reinsurers have become particularly interesting due to recent proposals for reform relating to U.K. sovereignty and the ESG movement. In this episode of “The Standard Formula” podcast, host and Skadden partner Rob Chaplin is joined by colleagues Ben Lyon and Verena Mengis. Tune in as Ben and Verena delve into a wealth of topics, including the prudent person principle (PPP) in the context of the U.K.'s Solvency II investment rules. Discover the key aspects of PPP and how it applies to insurers' and reinsurers' asset portfolios. Learn about investment rules specific to derivatives, securitizations and assets held to cover linked policies, along with related regulatory changes and their impact on the insurance sector. The episode concludes with a critical discussion on sustainability risks and the integration of ESG concerns into investment rules.

The UK's announcement of the Edinburgh Reforms in 2022 made clear the government's intention to chart its own course in rulemaking for the UK financial services sector, and no longer prioritise equivalence with EU legislation. The UK is currently in the process of repealing and restating all retained EU legislation, which will result in divergence from the EU in several areas. Priority areas of reform have already seen significant progress, particularly those reflecting areas in which the government is keen to boost the UK's attractiveness as a place to do business, including the UK listing and prospectus regimes, MiFID II, the Securitisation Regulation, Solvency II, PRIIPs, and the Money Market Funds Regulation. In this episode of Connected with Latham, the latest in a 10-part series complementing Latham's “10 Key Focus Areas for UK-Regulated Financial Services Firms in 2024” report, London partners Rob Moulton and Nicola Higgs and Frankfurt partner Markus Krüger discuss the pace and focus of UK/EU regulatory divergence seen to date and what firms can expect in 2024. They also explore areas of potential regulatory convergence between the EU and the UK, including in relation to retail market investor protection, ESG reforms, and implementation of the Basel III Endgame international capital standard.   This podcast is provided as a service of Latham & Watkins LLP. Listening to this podcast does not create an attorney client relationship between you and Latham & Watkins LLP, and you should not send confidential information to Latham & Watkins LLP. While we make every effort to assure that the content of this podcast is accurate, comprehensive, and current, we do not warrant or guarantee any of those things and you may not rely on this podcast as a substitute for legal research and/or consulting a qualified attorney. Listening to this podcast is not a substitute for engaging a lawyer to advise on your individual needs. Should you require legal advice on the issues covered in this podcast, please consult a qualified attorney. Under New York's Code of Professional Responsibility, portions of this communication contain attorney advertising. Prior results do not guarantee a similar outcome. Results depend upon a variety of factors unique to each representation. Please direct all inquiries regarding the conduct of Latham and Watkins attorneys under New York's Disciplinary Rules to Latham & Watkins LLP, 1271 Avenue of the Americas, New York, NY 10020, Phone: 1.212.906.1200

In September 2023, the U.K.'s Prudential Regulation Authority (PRA) released its second consultation paper on reforms to the Solvency II regime for U.K. insurers. These reforms relate to the use of the Matching Adjustment, a mechanism that adjusts the discount rate that can be applied to the valuation of an insurer's insurance and reinsurance obligations. In this episode of the “The Standard Formula” podcast, host and Skadden partner Rob Chaplin is joined by colleague Theo Charalambous to discuss the intricacies of the U.K.'s Matching Adjustment regime for insurers, including the rationale behind it, which liabilities are eligible, existing conditions and how it's calculated. In case you missed it, be sure to listen to the last episode, which covered groups, and stay tuned as our next installment will focus on investment rules.

This episode of the “The Standard Formula” podcast is the fourth in the “Back to Basics” series focusing on developments in the Solvency II regime. Skadden partner Rob Chaplin is joined by colleague Feargal Ryan to explore the complexities of group supervision under Solvency II.Rob and Feargal begin with a discussion of the circumstances under which the U.K. Prudential Regulation Authority (PRA) rules on group supervision will apply to a group, followed by a look at methods for calculating group solvency. They also cover how own funds requirements operate at a group level, and conclude the discussion by considering the application of group supervision at group level under various scenarios.

In this episode of “The Standard Formula” podcast, which focuses on Solvency II developments, Skadden partner Rob Chaplin is joined by colleague Olivier Peeters to discuss the U.K.'s change in control regime for insurers and insurance brokers.Rob and Olivier delve into the concept of a “controller” as defined in the U.K. Financial Services and Markets Act 2000 and the obligations that the U.K. regime imposes on controllers looking to acquire a regulated firm. More specifically, they discuss the controller application process required for regulatory approval before closing a transaction, the assessment of applications to determine whether the incoming controllers are fit to control the business of a regulated firm and the obligations of controllers. They also discuss a recently released consultation paper by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) proposing that the existing European Union guidelines on changing control approvals be replaced by U.K.-specific rules and guidance.

Asta is the largest third-party manager of Lloyd's Syndicates by quite a long way. As such, today's guest Lorraine Harfitt CEO of Asta, almost certainly has a better view of what types of new business entrepreneurs and major insurers alike are looking to set up. She also has the best view of Lloyd's changing appetites around what type of businesses it is looking to allow into - and keep out of - the marketplace. So this podcast is a great temperature gauge on the Lloyd's and wider international insurance and reinsurance markets. I'm happy to report that I found Lorraine full of optimism and enthusiasm, with a long and diverse pipeline of business in prospect on many fronts, be it new Syndicates in boxes, Captive Syndicates, traditional syndicates, other alternative vehicles or MGAs. As Lorraine puts it, there is always a fear that the appeal of the Lloyd's and London Market may one day wane. On this showing there is no evidence of this happening any time soon. Lorraine is a an industry professional of vast experience who has worked her way from the Lloyd's Policy Signing Office in Chatham all the way up into the heart of the market. She knows this business inside and out, she's great company and this podcast is packed with lots of really nuanced observations. NOTES: Lorraine mentions a Julian. That is of course Julian Tighe, former CEO of Asta and now its Group Director and Chief Commercial Officer at Davies Insurance Services. ICAS, the UK forerunner of the Solvency II regime, stood for Individual Capital Adequacy Standards. LINKS: We thank our naming sponsor AdvantageGo: https://www.advantagego.com/

Anyone listening to this podcast over the past couple of years can't have failed to notice the way that Environmental, Social and Governance or ESG has moved quite quickly to the top of the industry agenda. Taking into consideration the Environmental Social and Governance impacts of all of our customers, all of our investments, all of our suppliers and all of our own activities is something that may be a little too much more many of us in the industry to get our heads around. Once regulators get involved, and it is only a matter of time before they do, ESG will become the biggest potentially existential threat to insurers since the implementation of Solvency II. That's why it is important to seek expert advice. And that's why I am delighted to introduced Miqdaad Versi, a principal at Oxbow Partners. Oxbow Partners is a management consultancy specialising in the insurance industry. And Miqdaad focuses on insurance, reinsurance and ESG and sustainability and has authored a first-of-its-kind report on ESG in conjunction with the Bermuda Business Development Agency (BDA). This podcast lays out his credentials as well as the scale of the problem. If you have been too scared even to start thinking about what to do about the enormous ESG challenge ahead, this is an excellent place to begin. Miqdaad is smart, eloquent and passionate on this topic. He's also very optimistic that the insurance sector has the skills to navigate ESG's threats as well as to be able to make the most of the huge opportunities that it is going to throw up. This podcast is also full to the brim of useful information and easy-to-follow advice. NOTES and LINKS Miqdaad Versi's email is mversi@oxbowpartners.com The report we mention is ESG in Bermuda: The Rising Tide – The maturity of ESG on the island and what it means for the (re)insurance industry You can access it here: https://oxbowpartners.com/blog/esg-in-bermuda-the-rising-tide/ Find out more about Oxbow Partners at: https://oxbowpartners.com/