The Risk Management director of the Insurance Compensation Consortium, María Nuche, has presented the first study that makes a detailed analysis of the main changes that implementation of the European Solvency II legislation has brought for insurance company groups. It also analyzes the efforts of the supervisory authorities of various EU countries during this time to harmonize and coordinate their supervision.

“Solvency II has led to an undisputed improvement in insurance company group risk management as well as in the reorganization of their structures, the organization of their governance systems, internal risk measurements and translation into capital requirements, equity management and the quality and quantity of information offered to the market and to the supervisory authorities”.

For this reason, Spanish and European insurance groups have had to undergo “profound changes arising from the dizzying regulatory environment of the last few years which has allowed them to change their organizational structures, processes, risk management systems and internal control and reporting systems. They have also had to “transform many aspects of the organization” in order to adapt their governance system to European legislative standards.

This was pointed out by the Risk Management director of the Insurance Compensation Consortium, María Nuche, in the presentation of her book entitled El impacto de Solvencia II en los grupos de entidades aseguradoras (The impact of Solvency II on insurance company groups) , which took place today in Madrid to showcase this painstaking work edited by Fundación MAPFRE.

During the presentation, Sergio Álvarez, Director General of Insurance and Pension Funds, also took part, emphasizing that Solvency II has also represented a fundamental breakthrough in the consolidation of certain European legislative standards. It has ensured that the activities of all the insurance groups in the EU market are carried out on a level playing field and provide fair competition in the market among diverse groups. This is something which clearly leads to market stability and equal protection for all policyholders, insureds and beneficiaries in the European Union, regardless of their nationality.

The study also demonstrates the efforts that the supervisory authorities of various EU countries have made during this time. Solvency II led to an important change in their daily activities due to having to dedicate significant resources to improving their cross-border supervision of insurance groups. In this sense, according to the author of the book, “the supervision of companies in the sector has exponentially improved with the introduction of Solvency II, which is especially applicable in the case of Spanish insurance groups.


The focus of this book, whose fundamental goal is to identify, analyze and delve further into each of the aspects regulated in Solvency II, has been extremely ambitious in its scope, given that it analyses a wide range of subjects. We would highlight matters such as the scope of group supervision, calculating group solvency, the governance system and the ORSA at group level, assessing the equivalence of third countries or the obligation when providing information to the supervisor and public information of the insurance company groups.
This book gathers together all the author’s experience in this field, supported by nearly fifteen years working on the supervision of insurance groups and her close involvement in the drafting and implementation of Solvency II. The book is eminently practical in its approach and gathers together diverse case studies and problems of European insurance groups, especially in terms of the features of Spanish insurance.
Ramón Carrasco, chief executive officer (CRO) of MAPFRE, who took part in the ceremony, has praised the work carried out by the author of the book, who has carried out a “great instructional work that explains the legislation well, giving her own interpretation and using very insightful examples”.
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