In a recent article published in Life & Pension Risk Magazine entitled Solvency II: Compliance Control, our resident domain expert, Mike Hoye, addresses how insurers and reinsurers in the European Union can avoid the pitfalls of addressing governance mandates from the FSA regarding the development and use of Internal and Standard Models for Solvency II. This article presents a best practices approach to managing complex models for improving accuracy and integrity, reducing risk, and improving efficiency and compliance.
There are potentially huge advantages for insurers to opt for an internal model rather than rely on Solvency II’s standard formula, but the governance challenges inherent in this approach are significant. – Michael Hoye, Senior Director of Enterprise Risk Services, Prodiance Corporation
Eric Perry
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