Solvency II is the updated set of regulatory requirements for insurance firms in the European Union. There are concerns that insurers may need to outsource asset management, specialist employee costs are increasing, and catastrophe risk may not be appropriately represented under Solvency II. Additionally, pension funds and insurers disagree on whether pension funds should fall under Solvency II regulation. The latest Solvency II test results are expected in March 2011 and there may be industry consolidation and redomiciling as a result of Solvency II changes.
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