The Solvency II Directive is a European Union directive, which took effect in January 2016, that establishes a harmonized framework of capital requirements, governance standards, and risk management rules for insurance and reinsurance companies operating within the European Economic Area. It replaced a patchwork of earlier European Union insurance directives and is structured around three pillars covering quantitative capital requirements, supervisory review, and public disclosure. Solvency II is intended to ensure that insurers hold sufficient capital to meet their obligations to policyholders even under adverse conditions.
Facts
EraSourced to the subject's own account Promulgated BySourced to the subject's own accountEuropean Union (European Parliament and Council). 1 Jurisdiction ScopeSourced to the subject's own accountEuropean Union member states; applies to EU insurance companies. 1 Regulatory DomainSourced to the subject's own accountInsurance company capital requirements to reduce the risk of insolvency. 1 Classification
Legal StatusSourced to the subject's own account Legal StatusSourced to the subject's own account Jurisdiction Scope
Jurisdiction Scope (category)Sourced to the subject's own account Era
Era (category)Sourced to the subject's own account21st Century (2000-Present) 1 Connections
Associated With
Solvency II is widely described as the insurance-sector analogue to the Basel Accords bank capital framework
The Court of Justice of the European Union is the final interpreter of the Solvency II Directive as EU law.
In Legal System
European Union directive, applied across member states whose domestic systems are predominantly civil law.
Source Major Legal Systems in the World TodayRene David and John E.C. Brierley
Sources
1. Solvency II Directive 2009 (Wikipedia)
WikipediaIntroduction
Solvency II Directive 2009 (2009/138/EC) is a Directive in European Union law that codifies and harmonises the EU insurance regulation. Primarily this concerns the amount of capital that EU insurance companies must hold to reduce the risk of insolvency.
In Group: European and International Financial Regulation, Introduction, sentence 1
Solvency II Directive 2009 (2009/138/EC) is a Directive in European Union law that codifies and harmonises the EU insurance regulation.
View the Source Major Legal Systems in the World Today
Rene David and John E.C. Brierley, Stevens and Sons, 1985In Legal System: Civil Law
Reader Challenges (0)
No disputes yet. Spotted an error or a better source? Open the first one.
Sign in to dispute this or suggest a correction.