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The Dawning of a New Age 
On July 7th 2008, the Insurance Commissioner
announced that the EU Solvency II Regime is to be adopted in Israel and
a road map was set for its implementation beginning with the completion
of QIS 4. As in the European Union, the current proposed implementation
date has been set at 2012. Solvency II is an economic risk-based
approach which will look to ensure that insurers and re-insurers alike
not only have sufficient capital but also the correct risk management
systems and processes in place to ensure policyholders’ safety in an
ever changing and more complex environment. With a wealth of knowledge
of the Israeli Insurance Industry and as a member of KPMG International,
an entity at the forefront of the implementation of Solvency II in
Europe, KPMG Somekh-Chaikin is the obvious choice for firms facing the
challenge that the new regime brings with it, helping to provide clarity
on the many times daunting requirements, and assisting companies in
making the transition to becoming Solvency II compliant, a seamless one.
With all indications showing that the deadline for QIS 4 will be tight,
now is a good time for companies to prepare themselves for what lies
ahead.
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Deployment Towards Solvency II - June 2008 Between 22-26 June 2008 KPMG Somekh-Chaikin was invited by the Committee of the Association of Israeli Insurers to host the “Deployment Towards Solvency II” Conference at the Dan Hotel in Tel Aviv. With speakers from KPMG offices worldwide, the five day conference took the 150 strong participants through the proposed Solvency II framework, touching on all aspects both qualitative and quantitative alike.Click here to find more about Solvency II training. |
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KPMG Solvency II Publications .jpg)
SolvencyIIBriefing: Edition number 1 - November 2006
Through SolvencyIIBriefing we intend to help senior management and board
members keep abreast of the latest Solvency II developments. Solvency II will
have wide-reaching consequences for many areas of the business including the IT,
actuarial, risk, operations and finance functions. As such, the articles in this
publication will address issues relevant to a range of readers, including risk
professionals, finance professionals, actuaries, compliance officers and others.
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SolvencyIIBriefing: Edition number 2 - April 2007
As expected, the last few months have been hectic in the Solvency II world.
CEIOPS has circulated five consultation papers (CPs), the results of QIS 2 and,
of course, we are about to enter into QIS 3. Needless to say, there is much to
debate at the moment! .jpg)
SolvencyIIBriefing: Edition number 3 - December 2007
The European Commission published the draft framework Directive on 10 July
2007, setting out some high level principles for the industry. This Briefing
examines some of the pressing issues to come out of the Directive that insurance
companies should consider. 
Frontiers in Finance Special Insurance Edition
Conversion to International Financial Reporting Standards (IFRS) has posed significant challenges for companies worldwide. To assess the effect of those challenges, KPMG sought the views of 47 insurers in a survey conducted in 2006 
Implementing IFRS in the Insurance Industry
Growth, performance and governance are key issues for CEOs of insurance companies around the world. To become, or remain, a major player, insurers are expected to consistently deliver double-digit revenue growth. |
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Contacts: Dan Gan-ZviEilon Cohen |
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© 2010 KPMG Somekh Chaikin, an Israeli member firm of the KPMG network of
independent member firms affiliated with KPMG International Cooperative (“KPMG
International”), a Swiss entity.
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