Solvency I regime
E557234
The Solvency I regime was the earlier European Union insurance regulatory framework that set basic capital adequacy and solvency requirements for insurers before being replaced by the more risk-sensitive Solvency II system.
Statements (32)
| Predicate | Object |
|---|---|
| instanceOf |
European Union regulatory regime
ⓘ
insurance regulatory framework ⓘ |
| appliesLevel | entity-level capital requirements ⓘ |
| appliesTo | insurance undertakings ⓘ |
| basedOn | simple solvency margin formulas ⓘ |
| characteristic | less risk-sensitive than Solvency II ⓘ |
| comparedWith | Solvency II regime ⓘ |
| contrastsWith | economic risk-based approach of Solvency II ⓘ |
| focusesOn |
capital adequacy requirements
ⓘ
solvency requirements ⓘ |
| historicalRole | foundation for later Solvency II development ⓘ |
| includesRequirement |
guarantee fund
ⓘ
minimum solvency margin ⓘ |
| jurisdiction | European Union ⓘ |
| legalBasis | EU insurance directives prior to Solvency II ⓘ |
| objective |
ensure basic financial soundness of insurers
ⓘ
protect policyholders through minimum capital standards ⓘ |
| policyGoal | harmonisation of minimum solvency standards in the EU ⓘ |
| policyholderProtectionLevel | basic ⓘ |
| predecessorOf | Solvency II regime NERFINISHED ⓘ |
| regulates |
capital requirements for insurers
ⓘ
technical provisions of insurers ⓘ |
| regulatoryApproach | rules-based ⓘ |
| replacedBy | Solvency II regime ⓘ |
| riskSensitivity | low ⓘ |
| scope |
life insurance undertakings
ⓘ
non-life insurance undertakings ⓘ reinsurance undertakings in the EU ⓘ |
| supersededBecauseOf |
limitations in capturing insurers’ risk profiles
ⓘ
need for more risk-based supervision ⓘ |
| timePeriod | in force before Solvency II implementation ⓘ |
| uses | factor-based capital calculations ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.