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By Marc Voncken, Audit Partner, Insurance and Christophe Crochet, Senior Manager, PwC Luxembourg
The Solvency II Directive is a fundamental review of the prudential regulatory requirements for the European (re)insurance industry. It sets out capital requirements, disclosure and stronger risk management requirements for insurance and reinsurance businesses headquartered in the European Union and their subsidiaries located outside the EU. The Directive is not expected to be effective before 1st January 2015 effective date still subject to discussion. While the new regulation is of European origin and primarily targets the insurance industry, it has global implications with significant impact for asset managers and third-party administrators (TPAs) that service them...
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