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The insurance companies in the member states of the European Union have to transpose the implementation clauses of Solvency II on the national level, following Basel II for banks, to the 31st of October 2012. As a counterpart to the European directive, the Swiss Solvency Test was introduced in the Swiss insurance industry as early as January 1st 2006, with the intention of harmonizing both of these directives to a great extent. The purpose is to protect the policyholders' investments against insolvencies by means of a comprehensive risk-based insurance control. With Solvency II, the insurance companies calculate the risks they incur with the policies on the debit side and the capital assets on the active side.
They proceed according to the Three-Pillar-Approach:...
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