On 1 January 2016, Solvency II, the new risk-based regime for the prudential regulation of European insurance companies, came into force. Its purpose is to protect policyholders. The key principles of Solvency II are the introduction of risk-based capital requirements, based on 99.5% Value-at-Risk, and a mark-to-market valuation for the balance sheet items. Changes in market or non-market variables as for instance interest rates, spread levels, equity prices and longevity can have a negative impact on the financial position of an insurance company. All balance sheet items are therefore exposed to risks for which insurance companies need to hold capital. In order to protect the policyholder, insurance companies need to hold sufficient capital to withstand unforeseen shocks.
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