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From refining existing risk models to upgrading investment processes and tools to rethinking individual product design, Solvency II compliance poses many challenges from European insurance companies. But progress has been made and the potential risk management benefits are plentiful enough to make insurers and regulators in other geographic regions (including the US) consider adopting their own versions of the regulatory directive.
In 2009, after nearly 10 years of preparation and thousands of technical contributions, the European Parliament finally passed the Solvency II insurance regulation. While the directive was initially widely regarded as a step in the right direction, the current implementation phase has generated some criticism.
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