{"product_id":"executives-guide-to-solvency-ii-isbn-9780470545720","title":"Executive's Guide to Solvency II","description":"\u003cb\u003eA straightforward guide to the evolution, benefits, and implementation of Solvency II\u003c\/b\u003e  \u003cp\u003eProviding a guide to the evolution, practice, benefits, and implementation of Solvency II, \u003ci\u003eExecutive′s Guide to Solvency II\u003c\/i\u003e deftly covers this major European regulation which ensures that insurers can meet their risk–based liabilities over a one–year period to a 99.5% certainty. Part of the Wiley and SAS Business series, this book will guide you through Solvency II, especially if you need to understand the subtleties of Solvency II and risk–based capital in basic business language. Among the topics covered in this essential book are:\u003c\/p\u003e \u003cul\u003e \u003cli\u003eBackground to Solvency II\u003c\/li\u003e \u003cli\u003eLearning from the Basel Approach\u003c\/li\u003e \u003cli\u003eThe Economic Balance Sheet\u003c\/li\u003e \u003cli\u003eInternal Models\u003c\/li\u003e \u003cli\u003ePeople, Process, and Technology\u003c\/li\u003e \u003cli\u003eBusiness Benefits of Solvency II\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003e\u003ci\u003eExecutive′s Guide to Solvency II \u003c\/i\u003e has as its aim an explanation for executives, practitioners, consultants, and others interested in the Solvency II process and the implications thereof, to understand how and why the directive originated, what its goals are, and what some of the complexities are. There is an emphasis on what in practice should be leveraged upon to achieve implementation, specifically data, processes, and systems, as well as recognition of the close alignment demanded between actuaries, the risk department, IT, and the business itself.\u003c\/p\u003e \u003cp\u003ePreface ix\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 The Evolution of Insurance 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOrigins of Risk 1\u003c\/p\u003e \u003cp\u003eEarly Risk Instruments 2\u003c\/p\u003e \u003cp\u003eRole of Insurance in Economic Growth and Prosperity 6\u003c\/p\u003e \u003cp\u003eConclusion 8\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 Insurers’ Risks 11\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eInsurable and Uninsurable Events 11\u003c\/p\u003e \u003cp\u003eRisk Taxonomy 12\u003c\/p\u003e \u003cp\u003eUnderwriting Risk 13\u003c\/p\u003e \u003cp\u003eMarket Risk 22\u003c\/p\u003e \u003cp\u003eCredit Risk 25\u003c\/p\u003e \u003cp\u003eOperational Risk 27\u003c\/p\u003e \u003cp\u003eLiquidity Risk 28\u003c\/p\u003e \u003cp\u003eRisk Transfer and Mitigation 30\u003c\/p\u003e \u003cp\u003eConclusion 32\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 Solvency II Chronology 33\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eNeed for Insurance Regulations 33\u003c\/p\u003e \u003cp\u003eWhy Do Insurers Fail? 34\u003c\/p\u003e \u003cp\u003eCauses of Failure 36\u003c\/p\u003e \u003cp\u003eInitial Solvency Directives 38\u003c\/p\u003e \u003cp\u003eProcess of the Solvency II Project 44\u003c\/p\u003e \u003cp\u003eConclusion 52\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Learning from the Basel Approach 53\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eRegulation in the Context of the Credit Crisis 53\u003c\/p\u003e \u003cp\u003eEvolution of Banking Regulation 57\u003c\/p\u003e \u003cp\u003eApplication to Solvency II: Regulation 60\u003c\/p\u003e \u003cp\u003eApplication to Solvency II: Business Logic 61\u003c\/p\u003e \u003cp\u003eLessons from the Credit Crisis 67\u003c\/p\u003e \u003cp\u003eConclusion 70\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 The Solvency II Directive in Brief 71\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhat Is Solvency II? 71\u003c\/p\u003e \u003cp\u003eSolvency II Is Principles-Based 73\u003c\/p\u003e \u003cp\u003ePartial and Internal Models 74\u003c\/p\u003e \u003cp\u003eEconomic Capital 75\u003c\/p\u003e \u003cp\u003eThe Economic Balance Sheet 76\u003c\/p\u003e \u003cp\u003eStructure of the Directive 77\u003c\/p\u003e \u003cp\u003eConclusion 85\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 The Economic Balance Sheet 87\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTotal Balance Sheet Approach 87\u003c\/p\u003e \u003cp\u003eQuantitative Stipulations of the Level 1 Text 95\u003c\/p\u003e \u003cp\u003eThe Standard Formula 100\u003c\/p\u003e \u003cp\u003eNon-Life Underwriting Risk Module 104\u003c\/p\u003e \u003cp\u003eMarket Risk Module 105\u003c\/p\u003e \u003cp\u003eDefault Risk Module 107\u003c\/p\u003e \u003cp\u003eConclusion 108\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 Internal Models 111\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eComplexity of Implementation 111\u003c\/p\u003e \u003cp\u003eDefinition and Scope of Internal Models 113\u003c\/p\u003e \u003cp\u003eInternal Models Application 114\u003c\/p\u003e \u003cp\u003eTests and Standards 119\u003c\/p\u003e \u003cp\u003eConclusion 128\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 People, Process, and Technology 131\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eKey to a Successful Solvency II Project 131\u003c\/p\u003e \u003cp\u003ePeople 132\u003c\/p\u003e \u003cp\u003eProcess 135\u003c\/p\u003e \u003cp\u003eTechnology 137\u003c\/p\u003e \u003cp\u003eConclusion 143\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 Business Benefits 145\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eRegulation Past and Present 145\u003c\/p\u003e \u003cp\u003eBenefits of an Enterprise Data Management Framework 148\u003c\/p\u003e \u003cp\u003eBenefits of an Economic Balance Sheet 150\u003c\/p\u003e \u003cp\u003eBenefits in Perspective 152\u003c\/p\u003e \u003cp\u003eBenefits beyond Solvency II 153\u003c\/p\u003e \u003cp\u003eConclusion 154\u003c\/p\u003e \u003cp\u003eNotes 157\u003c\/p\u003e \u003cp\u003eGlossary 171\u003c\/p\u003e \u003cp\u003eSelected References 181\u003c\/p\u003e \u003cp\u003eAbout the Authors 185\u003c\/p\u003e \u003cp\u003eIndex 187\u003c\/p\u003e \t \u003cp\u003e\u003cb\u003eDAVID BUCKHAM\u003c\/b\u003e is the founder and president of Monocle Solutions, an international risk assessment and optimization company that provides various products and consulting services by way of intellectual property. \u003c\/p\u003e\u003cp\u003e\u003cb\u003eJASON WAHL\u003c\/b\u003e is head of research at Monocle Solutions. His areas of interest include regulation of financial institutions and financial stability. \u003c\/p\u003e\u003cp\u003e\u003cb\u003eSTUART ROSE\u003c\/b\u003e is Global Insurance Marketing Manager at SAS Institute, a market-leading business intelligence and analytics software vendor. He has worked for a variety of software vendors where he was responsible for marketing, product management, and application development.   \u003c\/p\u003e\u003cp\u003eAs a major regulation covering the solvency of European life and non-life insurers, Solvency II is expected to be uniformly implemented across the European Union (EU) in 2012. Inspired to some extent by banking's Basel II legislation, Solvency II will use a similar three-pillar structure that will cover both quantitative elements and qualitative aspects that influence the risk-standing of an insurer. The principles-based nature of the regime represents a far-reaching innovation in risk-based regulation. It presents an immediate challenge and opportunity to the European insurance industry, but is also being observed with keen interest by industry players and regulators around the world. \u003c\/p\u003e\u003cp\u003eA practical foundation to the Solvency II process for executives, practitioners, and consultants, \u003ci\u003eExecutive's Guide to Solvency II\u003c\/i\u003e covers everything you need to know about this important directive—all in one accessible source—with coverage of: \u003c\/p\u003e\u003cul\u003e \u003cli\u003eThe history of insurance in terms of the individual's need for financial diversification\u003c\/li\u003e \u003cli\u003eA chronology of the Solvency II project process\u003c\/li\u003e \u003cli\u003eThe continued relevance of regulation in its current institutional genre\u003c\/li\u003e \u003cli\u003eThe structure of Solvency II, with specific focus on requirements insurers must fulfill under a holistic three-pillar risk management approach\u003c\/li\u003e \u003cli\u003eThe risk-based economic balance-sheet approach, its quantitative requirements, and calibration under the standard formula approach\u003c\/li\u003e \u003cli\u003eTechniques, challenges, and complexities of internal models\u003c\/li\u003e \u003cli\u003eWhy you need the right people, processes, and systems to successfully drive an enterprise-wide risk management project\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eIt's time for your organization to get familiar with the new rules of this regulation that will have far-reaching implications, initially for EU insurers, and thereafter around the world, as regulators move toward principles-based regulation. Destined to become your standard reference for answers on Solvency II, \u003ci\u003eExecutive's Guide to Solvency II\u003c\/i\u003e is full of practical advice, compiling an overview of the many issues your company will likely face in dealing with this forthcoming regulation.   \u003c\/p\u003e\u003cp\u003e\u003cb\u003eEXECUTIVE'S GUIDE TO SOLVENCY II\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003eAs a major regulation covering the solvency of European life and non-life insurers, Solvency II is expected to be uniformly implemented across the European Union (EU) in 2012. Inspired to some extent by banking's Basel II legislation, Solvency II will use a similar three-pillar structure that will cover both quantitative elements and qualitative aspects that influence the risk-standing of an insurer. The principles-based nature of the regime represents a far-reaching innovation in risk-based regulation. It presents an immediate challenge and opportunity to the European insurance industry, but is also being observed with keen interest by industry players and regulators around the world. \u003c\/p\u003e\u003cp\u003eA practical foundation to the Solvency II process for executives, practitioners, and consultants, \u003ci\u003eExecutive's Guide to Solvency II\u003c\/i\u003e covers everything you need to know about this important directive—all in one accessible source—with coverage of: \u003c\/p\u003e\u003cul\u003e \u003cli\u003eThe history of insurance in terms of the individual's need for financial diversification\u003c\/li\u003e \u003cli\u003eA chronology of the Solvency II project process\u003c\/li\u003e \u003cli\u003eThe continued relevance of regulation in its current institutional genre\u003c\/li\u003e \u003cli\u003eThe structure of Solvency II, with specific focus on requirements insurers must fulfill under a holistic three-pillar risk management approach\u003c\/li\u003e \u003cli\u003eThe risk-based economic balance-sheet approach, its quantitative requirements, and calibration under the standard formula approach\u003c\/li\u003e \u003cli\u003eTechniques, challenges, and complexities of internal models\u003c\/li\u003e \u003cli\u003eWhy you need the right people, processes, and systems to successfully drive an enterprise-wide risk management project\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eIt's time for your organization to get familiar with the new rules of this regulation that will have far-reaching implications, initially for EU insurers, and thereafter around the world, as regulators move toward principles-based regulation. Destined to become your standard reference for answers on Solvency II, \u003ci\u003eExecutive's Guide to Solvency II\u003c\/i\u003e is full of practical advice, compiling an overview of the many issues your company will likely face in dealing with this forthcoming regulation.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989183119589,"sku":"NP9780470545720","price":95.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780470545720.jpg?v=1761783122","url":"https:\/\/k12savings.com\/products\/executives-guide-to-solvency-ii-isbn-9780470545720","provider":"K12savings","version":"1.0","type":"link"}