"The paradigm shift from a balance sheet-based to a risk and market value-based set of rules has basically been successful," it stated. "The experience gained in the first twelve months of its application shows that the system works. As expected, some details need to be adjusted, but there is absolutely no need for any significant interference in the set of rules. This applies to the ultimate forward rate, in particular. Short-term alteration of the calculation methodology cannot be justified in economic terms and would also be contrary to political decisions which have enabled the introduction of Solvency II. The European Commission wants to start evaluating core elements of Solvency II in 2018..." "Adjustments are required, however, where rules are too complex for companies to implement them reasonably, which applies to some elements of the standard formula."
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