We read with great interest this article from TradingMarkets.com on the current state of opinion surrounding Solvency II in the European Union. The insurance companies in Europe (specifically in Britain and Germany) are warning that Solvency II may be “too conservative.” However, even given that opinion, other insurers are suggesting that they will need “billions of pounds” of funding assistance to meet the requirements of Solvency II. Let the games begin!
Our hearts and minds raced back to 2002 and the fear, loathing, and confusion that surrounded Sarbanes-Oxley adoption in the United States. We do understand that confusion in a market place is a sales opportunity. However, we are left to wonder did we, as a technology community, learn anything from Sarbanes-Oxley? Specifically, for product marketing and product management folks – how does one plan for feature functions to support a government regulation with a firm launch date when that government regulation will likely change dramatically up to and after the launch date? It is ultimately a question for both end-users and technology providers – how do we work together to hit a moving target?
This post is the first in a series that will talk about Regulatory Compliance and Solvency II ahead of its targeted launch in 2012. Spotfire is strategically positioned to address Solvency II and Regulatory Compliance, check out our approach here.
Spotfire Blogging Team
Image credit: Microsoft Office Clip Art