Solvency II is a regulatory reporting requirement set forth by the European Insurance and Occupational Pensions Authority (EIOPA) that impacts the insurance industry in the European Union (EU) and United Kingdom (UK).
Solvency II requirements for insurance companies in the EU and the UK include an increased level of reporting, enhanced risk disclosures, deeper data granularity, and additional security characteristics.
EIOPA’s Solvency II main objective is to ensure that insurance companies hold sufficient economic capital to protect the policyholders, as it aims to reduce the risk of an insurer being unable to meet its financial claims.
Clearwater’s automated, integrated, accurate, and transparent solution seamlessly navigates Solvency II challenges while streamlining investment accounting, reporting, and analytics. Clearwater’s solution for Solvency II includes the application of EIOPA business validation to promote an accurate and efficient filing process, inclusion of supplementary client-specific data points, and provision of EIOPA’s three-pillar reporting requirements:
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