
Stuart Rose, Global Insurance Marketing Manager at SAS, takes a look back at 2011 with an inimical term. He uses annus mirabilis – I’ll let you look it up. For SAS, it describes our year to a tee. Does it describe your year as well?

Stuart Rose, Global Insurance Marketing Manager at SAS, takes a look back at 2011 with an inimical term. He uses annus mirabilis – I’ll let you look it up. For SAS, it describes our year to a tee. Does it describe your year as well?

The more progress insurers make with Solvency II implementation the more they realize they have to do. Starting early is the key. This post briefly describes six key challenges insurers must address immediately to meet Solvency II standards in time. From there, I’ll point you to a white paper detailing those challenges and a framework that provides a solid foundation for improved capital and cost-efficiency.

The recent proposal to extend the deadline for Solvency II compliance by one year reflects the finding of a report by the Financial Services Authority that many insurers are not ready to meet the standards. This extension can be veiwed as an opportunity to knuckle down – if you have the correct tips and tools. Here is some advice and a link to a white paper identifying six key challenges that must be addressed to meet Solvency II standards.

Organizations must move toward a focus of governance, risk and compliance to remain competitive and avoid the surprises that can cause them to cease operations or face acquisition. Read the 10 most pressing GRC issues facing corporations today.

They said it would never happen again, but it appears that the Solvency II deadline has been postponed once more. This gives a little breathing room for the whopping 45 percent of insurance companies have not started their Solvency II projects. Does this delay mean that insurers can take a wait-and-see approach?
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