WRINtv Social Pulse

Follow the new World #Risk and #Insurance News @Trove with news reports hand-picked @WRINtv http://t.co/9W09FenJgv
Check out professional insights posted by John Greene @JPGreene President/COO @WRINtv http://t.co/HiYv6nI8iw @LinkedIn
More #insurance companies integrating contract workers with core staff - according CEO/President @WAHVE http://t.co/9tttiJfl07 @WRINtv
ADVICE @WAHVE #Insurance does't attract #talent - should sell #RiskManagement improve salaries & flexibility http://t.co/keGWasn5nW
Improved #economy exposes problem #insurance companies have filling job openings See why @WRINtv http://t.co/DdTY1qcIUm
#VIDEO - CEO/Presdent @WAHVE sees ways #insurance industry could recruit/retain talent. She tells us @WRINtv http://t.co/ELjCIq47eh
Check out professional insights posted by John Greene @JPGreene President/COO @WRINtv http://t.co/GfEdQFJVz7 @LinkedIn
More #insurance companies integrating contract workers with core staff - according CEO/President @WAHVE http://t.co/7aV0NDvTuL @WRINtv
ADVICE @WAHVE #Insurance does't attract #talent - should sell #RiskManagement improve salaries & flexibility http://t.co/4dlzyFdS98

EY Global Regulatory Series: Solvency II with ABI’s Otto Thoresen.

0

Bob Stein sat down with Otto Thoresen, Director General of the Association of British Insurers, for an in-depth discussion on Solvency II.

Solvency II has been under development for many years and now may finally be moving toward adoption.   Initiated before the recent financial crisis, its original objective was to bring consistency to the way financial regulation works across all of Europe, and to create a system of standards that each country would use.

According to Mr. Thoresen, because of the financial crisis, there is now pressure from the G-20 for a more standardized approach to monitoring the financial market.   Regulators appear to be uncomfortable with the lack of control they have over internal models and assumptions, which firms have control over.   Because of this, Mr. Thoresen says we are apt to see more intervention from regulators.

He also notes that there is now a stronger focus on Risk Management by the financial services industry than in the past, all the way up to the boardroom.  Solvency II will be implemented at some point, but according to Mr. Thoresen, a bigger threat to the industry will be the new regulatory environment where everyone is financially constrained. The industry is going to have to ensure that it remains relevant.

For more on global insurance regulation, visit the EY website or the WRIN.tv the On Demand Library.

 

Share.

Comments are closed.