Pillar II was on the agenda for Aon Global Risk Consulting, as the risk management arm of Aon outlined the current market trends and impact on captives of Solvency II.
Launching The Aon Captive Guide to Pillar II at the European Captive Forum in Luxembourg, Markus Mende, group managing director of Aon Risk Consulting, said: "The continuous development of the Solvency II regulatory framework presents a specific set of challenges for parent organisations and their captives structures."
"Against this backdrop, helping companies set up the future risk and governance system required for their captives in a way that maximises existing corporate and captive processes is essential…"
“We have put forward the captive sector’s need for proportionality and understand the requirements of the regulators. It is essential to enable our captive clients navigate through the Pillar II processes and this report and our IT initiatives are supporting this”.
Fabrice Frere, Solvency II practice leader for Aon Global Risk Consulting, said: “We believe that, with a sound and consistent methodology, the various Solvency II requirements can be met without having to go significantly beyond current best practice. We have already seen a number of companies gain benefits from the implementation of a system of governance and believe that the initial perceived threats presented by Solvency II can actually bring advantages.”
