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 Cross-Tradition Connections
In Legal System
European Union directive, applied across member states whose domestic systems are predominantly civil law.
Sources
1. Solvency II Directive 2009 (Wikipedia)
WikipediaLead paragraph (era)Quote, Lead paragraph (era)
Solvency II Directive 2009 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.
1. Solvency II Directive 2009 (Wikipedia)
WikipediaLead paragraph (promulgated-by)Quote, Lead paragraph (promulgated-by)
Solvency II Directive 2009 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.
1. Solvency II Directive 2009 (Wikipedia)
WikipediaLead paragraph (jurisdiction-scope)Quote, Lead paragraph (jurisdiction-scope)
Solvency II Directive 2009 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.
1. Solvency II Directive 2009 (Wikipedia)
WikipediaLead paragraph (regulatory-domain)Quote, Lead paragraph (regulatory-domain)
Solvency II Directive 2009 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.
Major Legal Systems in the World Today
Rene David and John E.C. Brierley, Stevens and Sons, 1985In Legal System: Civil Law
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