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By Bertrand Segui, Actuary / Aktuar, Risk Advisory, Manager, KPMG Luxembourg
In an increasingly competitive international environment, the issue of equivalence of local regulatory requirements raises serious concerns for European insurance groups. Diverging and different local regulatory transpositions of the Solvency II Directive (SII) may complicate insurance groups’ business development abroad.
Solvency II firstly targets the European Economic Area (EEA), but it will also impact other countries outside of the EEA. The SII Directive recognises the fact that insurance is a global industry and that unnecessary duplication of regulation should be avoided. In this respect, the Equivalence Committee (EC) was established in order to respond fully...
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