In the UK an insurance company is subject not only to Company Law but to insurance specific legislation. Accordingly senior managers and company directors are responsible to a variety of stakeholders and they have to able to access the data they need to meet their responsibilities.
Location-based systems combining business intelligence and location-based information are increasingly popular methods of presenting dashboards of information with drill-down capabilities. By serving as the common link, geography provides the foundation for accurate data management to enable senior personnel to manage a diverse portfolio of risks to deliver successful outcomes for policy holders and shareholders alike.
Solvency II, a fundamental review of the regulatory regime for the European insurance industry, is of particular importance. This legislation aims to unify the European Union (EU) insurance market and enhance consumer protection. This covers corporate governance, supervisory reporting, public disclosure, risk assessment, risk management, corporate solvency and reserving. The legislation increases the level of transparency and reporting required to meet these obligations.
The current assumption is that implementation date for Solvency II requirements will apply to insurers from 1 January 2014 onwards. It is the largest ever change to European insurance solvency regulations.
Solvency II will be adopted by all 27 EU Member States plus three of the European Economic Area countries. As a consistent European standard, Solvency II should help to protect policyholders' interests more effectively by making firm failure less likely, and by reducing the probability of consumer loss or market disruption. (Based on ABI Annual Report 2011)
Contact us to find out more about how we can help you respond to Solvency II requirements.