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SolvencyII: A High Level Overview [6]

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Bullet points include: Solvency II is “not just about risk measurement and quantification, rather it is about effective governance and risk management” (source: CEIOPS). Pillar 2 focuses on: Supervisory authorities – how they should carry out the Supervisory Review Process (SRP) in relation to companies that they supervise. Systems of governance operated by insurance undertakings. Fit and proper, risk management, compliance, internal audit, actuarial. Own Risk and Solvency Assessment (ORSA). ORSA aim: to ensure that undertakings identify and assess all risks that they are (or could be) exposed to, maintain sufficient capital to face these risks, and develop and better use risk management techniques in monitoring and managing these risks

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