The company began a comprehensive review of its risk and capital management procedures in 2008. It now intends to introduce those changes 12 months ahead of the EU’s planned implementation date.
According to a survey by PwC, the majority of companies expect Solvency II to fully come into force in 2016. As a result a large proportion have scaled back on activity, with 58 per cent admitting that they would not be ready to submit their first Solvency II quarterly return by 2014.
Health Shield said it was bucking this trend and has developed an extensive range of Solvency II-compliant initiatives, including its own risk and solvency assessment as well as a balanced scorecard to work alongside the risk register.
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