For many years the big stick of Solvency II has been waved at insurance firms. After huge expenditure the reaction has often been "What has Solvency II done for us?"
Guideline 48 of EIOPA’s final report on Systems of Governance states that, “Where relevant, the actuarial function should provide recommendations on internal procedures to improve data quality”.
So, given Guideline 48, it would seem that there is now a regulatory specified opportunity for actuaries to say ‘this is what we want Solvency II to do for us’. So what might be on the wish list?Read the full article at: