Regulatory Alerts2012-07-23
Added · Updated
Solvency II: Pillar II Risk Management
Pillar 2 of Solvency II establishes qualitative requirements for insurers at both individual and group levels to ensure adequate risk management and governance. These provisions mandate specific standards for organizational systems, including the own risk and solvency assessment (ORSA), expertise of directors, internal controls, key functions, and outsourcing arrangements. The requirements are aligned with the Financial Supervision Act (Wft) and apply to the operational management and risk assessment processes of insurance entities.