Consultation of insurance industry - condition of Solvency II effective implementation into national legislation

Abstract

The paper aims to present the importance of consultations for insurance industry about undergoing significant legislative changes in the insurance market of European Union, called Solvency II regime, and how consultations can help for executives, risk managers and supervisors of insurance industry. The first part of this paper is introduction with basic principles and concepts of Solvency II regime. Second part of the text focuses on the analysis of quantitative and qualitative measures under new Solvency II regime. Third part of this paper seeks to evaluate the results of quantitative impact studies. In the fourth part of the chapter was made comparison of Solvency II system with Basel II in banking and mistakes of Basel II implementation. An effective consultations in earlier stages of implementation of Solvency II Directive will enhance insurers to develop more progressive risk management and will give for policyholders greater confidence in the products of insurers.