What is Solvency II pillars?
Solvency II is a risk-based capital regime, similar in concept to Basel II, based on three “pillars”. Pillar 1 is a market consistent calculation of insurance liabilities and risk-based calculation of capital. Pillar 2 is a supervisory review process. Pillar 3 imposes reporting and transparency requirements. 2.
What is Solvency II simple?
Solvency II sets out regulatory requirements for insurance firms and groups, covering financial resources, governance and accountability, risk assessment and management, supervision, reporting and public disclosure.
What is Solvency II compliance?
The Solvency II Compliance Assessment Tool enables both life and non-life (re)insurance companies to easily monitor and assess their level of compliance across all three pillars of Solvency II while simultaneously creating an audit trail of completed work and a development plan for future actions.
What is Pillar 3 of Solvency II?
A three-pillar structure has been adopted for the Solvency II regulatory framework,: quantitative requirements (Pillar I), governance of the undertaking and supervisory activity (Pillar II) and supervisory reporting and public disclosure (Pillar III).
What is a Pillar 3 disclosure?
Pillar 3 requires firms to publicly disclose information relating to their risks, capital adequacy, and policies for managing risk with the aim of promoting market discipline.
What does QRT mean Solvency II?
Coverage of solvency data and calculations for Balance Sheet, Asset Management, Premiums Claims and Expenses and Reinsurance. • Mappings defined for Quantitative. Reporting Templates (QRT) make it. easier to identify the data required. to support the Solvency II measures.
What is QRTs in Solvency II?
It covers the Individual Quantitative Reporting Templates (QRTs) at solo and group level, including Financial Stability Reporting and aims to provide stakeholders the full view of the future reporting and disclosure requirements, as a complement of the legislative proposals in this area covered by the Opinion.