The Standard Formula
From Skadden, The Standard Formula is a Solvency Two podcast for UK and European insurance professionals. Host Robert Chaplin leads conversations with industry practitioners exploring Solvency Two developments. The podcast provides educational and informational content on regulatory matters.
Episodes
Hong Kong and Singapore: Analyzing Two of Asia Pacific’s Major Insurance Markets
In the latest episode of Skadden's global series on prudential solvency, host Robert Chaplin is joined by Skadden colleagues Stan Amoah and James Pickstock to examine the regulatory frameworks governing two of Asia Pacific's most prominent insurance markets, Hong Kong and Singapore. The discussion covers Hong Kong's transition to a three-pillar risk-based capital regime under the Insurance (Amendm
Decoding Malaysia's Unique Dual Insurance System and Regulatory Framework
Malaysia's insurance market is one of Southeast Asia's most developed, with total gross written premiums for general insurance totaling 23.1 billion Malaysian ringgit — approximately $5.8 billion — in 2024, representing year-on-year growth of 6.9%. In this episode of Skadden's global series on prudential solvency requirements, host Robert Chaplin and colleague Caroline Jaffer examine the country’s
An Overview of Colombia’s Growing Insurance Sector
Colombia's total gross written premium (GWP) is projected to reach $8.9 billion this year and grow to over $11.5 billion by 2028, signifying its rise as a significant and expanding insurance market. In this special additional episode of “The Standard Formula,” host Rob Chaplin is joined by colleague Caroline Jaffer explore Colombia's prudential solvency regime, building on their recent episodes fo
Insurance Down Under: Analyzing Prudential Solvency Regimes in Australia and New Zealand
Australia and New Zealand sit at opposite ends of the international solvency spectrum — as Australia is among the largest in the Asia Pacific region, while New Zealand is smaller in scale and undergoing significant evolution to align with international best practices. During this penultimate episode of “The Standard Formula” series on global prudential solvency requirements, host Rob Chaplin and a
South Korea in Focus: Analysing One of Asia’s Most Dynamic Insurance Markets
South Korea's insurance industry is estimated to be the seventh-largest globally, with high market concentration: three life insurers hold approximately 50% of the life insurance market while the top four non-life insurers control about 70% of the non-life market. In this episode of Skadden's yearlong podcast series on global insurance regulatory regimes, host Rob Chaplin and colleague Chiara Iori
Prudential Solvency in Africa: Navigating Regimes Across Five Key Markets
On the latest episode of "The Standard Formula," host Rob Chaplin is joined by associates Dev Jain and Richi Kidiata for a comprehensive tour of Africa’s rapidly evolving insurance landscape. The team delves into the regulatory frameworks of South Africa, Morocco, Egypt, Nigeria and Kenya — markets at the forefront of aligning with international best practices and standards such as Solvency II — a
Prudential Solvency in Latin America: Inside the Region’s Largest Insurance Markets
While Latin America accounts for just 3% of the global insurance market, the region's total written premiums grew at an impressive 11% annually between 2019 and 2024, with projections indicating this growth will continue. In this installment of Skadden's yearlong podcast series on global prudential solvency requirements, host Robert Chaplin and colleagues Caroline Jaffer and James Pickstock do a d
Analysing Canada’s Prudential Solvency Regime
Canada has one of the world's most sophisticated and internationally integrated insurance markets, marked by robust capital requirements and an increasing orientation towards ESG- and climate-related considerations. Continuing Skadden’s global tour of prudential solvency regimes, host Rob Chaplin and colleague Chiara Iorizzo examine Canada’s insurance regulation structure, valuation approach, capi
An Update on the EU and UK’s Solvency Regimes
In this episode of The Standard Formula, host Robert Chaplin and Skadden colleague Theo Charalambous provide a high-level refresher on Solvency II, Solvency UK and relevant recent developments as part of Skadden’s year-long podcast series on global prudential solvency requirements. The hosts detail both regimes and relevant topics, including the Matching Adjustment Accelerator (MAIA), enhanced liq
Analysing India’s Fast-Growing Insurance Market
India has emerged as the 10th-largest insurance market in the world by total premium volume, yet its insurance penetration level sits around 3%-4%, well below the global average of 7%. In the eighth episode of Skadden's year-long podcast series on global prudential solvency requirements, host Robert Chaplin and colleague Anika Goodfellow explore the country’s evolving insurance regulatory landscap
A Review of China’s Prudential Solvency Regime
China's insurance market has emerged as the second-largest in the world and is on pace to become the largest worldwide by the 2030s. In the seventh episode of Skadden's yearlong podcast series on global prudential solvency requirements, host Robert Chaplin and Skadden colleague Feargal Ryan explore China's regulatory transformation from a centralized state monopoly to a sophisticated risk-based sy
An Overview of the Prudential Solvency Regime in the United States
In the latest episode of Skadden's yearlong podcast series on global prudential solvency requirements, host Rob Chaplin and colleague Chiara Iorizzo explore regulatory capital in the United States, one of the largest insurance markets in the world. They discuss how the insurance industry is regulated across the country, as well as how the National Association of Insurance Commissioners operates an
Assessing Prudential Solvency Regimes in the Middle East
The Middle East insurance market is expected to grow significantly as a hub over the next several years, with predicted growth of almost 29% by 2028. In the fifth episode of Skadden's yearlong podcast series on global prudential solvency requirements, host Robert Chaplin and colleague Caroline Jaffer explore the regulatory landscape in the UAE, Saudi Arabia, Qatar, Bahrain and Oman. During the dis
Examining the Cayman Islands’ Prudential Solvency Regime
In the fourth episode of Skadden's yearlong podcast series on global prudential solvency requirements, host Robert Chaplin and associate James Pickstock explore the Cayman Islands' insurance regulatory landscape. As the second-largest jurisdiction for captives and a significant player in reinsurance markets, the Cayman Islands provides insurers with the ability to design a bespoke capital, investm
Assessing Prudential Insurance Regulation in Japan
In the third episode of Skadden's yearlong podcast series on global prudential solvency requirements, host Robert Chaplin and colleague Annabel Smethurst discuss Japan's insurance and regulatory landscape. As the world's fourth-largest insurance market, Japan has become increasingly attractive to foreign insurers due to its mature market, aging population and ongoing regulatory reforms. Rob and An
Analyzing Bermuda’s Prudential Solvency Regime
In the second episode in Skadden’s yearlong podcast series on global prudential solvency requirements, host Robert Chaplin and colleague Abraham Alheyali discuss the regulatory regime in Bermuda, a global center for insurance and reinsurance. More than 30 major firms underwrite from the country, and it is the largest supplier of catastrophe reinsurance to U.S. insurers. Rob and Abraham discuss the
Unpacking the IAIS’ Adoption of the Insurance Capital Standard
Host Rob Chaplin and Skadden colleague Caroline Jaffer debut the first episode of a yearlong series on global prudential solvency requirements, which will form the basis of the forthcoming Encyclopaedia of Prudential Solvency publication. In this episode, they discuss the International Association of Insurance Supervisors’ (IAIS’) December 2024 adoption of the Insurance Capital Standard (ICS), whi
12 Key Insurance Regulatory Developments: A Look Back at This Year’s Highlights
As 2024 draws to a close, Rob Chaplin invites colleagues to review a year of change throughout the insurance industry. In keeping with the spirit of a traditional holiday countdown, the team presents 12 topics that spanned the year.For more Skadden insights about Solvency II, click here for their updated guide, The Standard Formula: A Guide to Solvency II.💡 Meet Your Host 💡Name: Robert ChaplinTitl
The SFCR and Other Public Reporting: A Solvency II Cornerstone
In this installment of The Standard Formula’s series on Solvency II, host Robert Chaplin and Chiara Iorizzo unpack the regime’s public reporting element. As Rob explains, public reporting “bolsters transparency and market discipline across the insurance industry.”Rob and Chiara cover requirements of the Solvency and Financial Condition Report (SFCR) and discuss some proposed changes to these repor
Understanding the Supervision Component of Solvency II
Host Robert Chaplin and guest James Pickstock cover the Solvency II supervision framework, which is designed to protect policyholders and promote insurer soundness. They focus on the Regular Supervisory Report (RSR), a quantitative tool that is among four key areas that insurers must disclose to supervisors. Robert and James also look ahead to legislative reform effective at year’s end.Watch for o
Insurers in Difficulty: Staying Compliant Under Solvency II
When U.K. insurers observe they cannot comply with requirements under Solvency II, there are detailed steps that one must take.Feargal Ryan, European counsel in Skadden’s Financial Institutions Group, and host Rob Chaplin, head of the firm’s Financial Institutions Group in Europe, break down insurers’ obligations. They explain differences between the Solvency Capital Requirement (SCR) and Minimum
Valuation of Assets and Liabilities Under Solvency II
Because strategically allocating assets and managing investments are key to an insurer’s business, valuing assets and liabilities is an important area of focus.In this episode of “The Standard Formula,” host Rob Chaplin, head of Skadden’s Financial Institutions Group in Europe, is joined by associate Olivier Peeters for a conversation about Solvency II’s requirements for asset and liability valuat
Governance Regulatory Compliance for Insurers
Solvency II imposes numerous governance requirements on insurers. In this episode of “The Standard Formula” podcast, Skadden partner Sebastian Barling and Rob Chaplin, host and head of Skadden’s Europe Financial Institutions Group, guide insurers through these complex requirements.They spotlight the Own Risk and Solvency Assessment, or ORSA, a cornerstone component of Solvency II that insurers mus
Using an Internal Model to Calculate Solvency Capital Requirements
“Insurers are expected to hold eligible owned funds in excess of the Solvency Capital Requirement. There are two main methods of calculating the SCR under Solvency II, the standard formula and internal model methods.”In this episode of “The Standard Formula” podcast, Rob Chaplin, host and head of Skadden’s Europe Financial Institutions Group is joined by colleague George Belcher to discuss Solvenc
Dissecting the Solvency Capital Requirement
“The Solvency Capital Requirement, or SCR, is designed to protect policyholders by helping to make sure that insurers can survive difficult periods and pay claims as they fall due.”In this episode of "The Standard Formula" podcast, Rob Chaplin, host and head of Skadden’s Europe Financial Institutions Group, is joined by colleague Will Adams as they take an in-depth look at the Solvency Capital Req
Solvency II Back to Basics: Technical Provisions
“Technical provisions are crucial, as they form the fundamental basis for assessing the financial stability of insurance and reinsurance plans.”In this episode of “The Standard Formula” podcast, Rob Chaplin, host and head of Skadden’s Europe Financial Institutions Group, is joined by colleague Mary Bonsu. Rob and Mary delve into the complexities of technical provisions under Solvency II, shedding
Investment Rules for Insurers and Reinsurers
The U.K.’s investment rules for insurers and reinsurers have become particularly interesting due to recent proposals for reform relating to U.K. sovereignty and the ESG movement. In this episode of “The Standard Formula” podcast, host and Skadden partner Rob Chaplin is joined by colleagues Ben Lyon and Verena Mengis. Tune in as Ben and Verena delve into a wealth of topics, including the
Understanding the UK’s Matching Adjustment Regime
In September 2023, the U.K.'s Prudential Regulation Authority (PRA) released its second consultation paper on reforms to the Solvency II regime for U.K. insurers. These reforms relate to the use of the Matching Adjustment, a mechanism that adjusts the discount rate that can be applied to the valuation of an insurer’s insurance and reinsurance obligations. In this episode of the “The Standard
Group Supervision Under Solvency II
This episode of the “The Standard Formula” podcast is the fourth in the “Back to Basics” series focusing on developments in the Solvency II regime. Skadden partner Rob Chaplin is joined by colleague Feargal Ryan to explore the complexities of group supervision under Solvency II.Rob and Feargal begin with a discussion of the circumstances under which the U.K. Prudential Regulation Authority (PRA) r
Developments on the Horizon for the UK Change-in-Control Regulatory Regime
In this episode of “The Standard Formula” podcast, which focuses on Solvency II developments, Skadden partner Rob Chaplin is joined by colleague Olivier Peeters to discuss the U.K.'s change in control regime for insurers and insurance brokers.Rob and Olivier delve into the concept of a “controller” as defined in the U.K. Financial Services and Markets Act 2000 and the obligations that the U.K. reg
Solvency II Back to Basics: Third Country Branches and Cross-Border Provision of Services
This episode of “The Standard Formula” podcast is part three of the “Back to Basics” series, which takes a deep dive into the Solvency II regime. Skadden partner Rob Chaplin is joined by his colleague Meher Pahuja to discuss third-country branches and the cross-border provision of services. Rob and Meher explore the significance of third-country branches and the cross-border provision of serv
Reinsurance and Risk Transfer: Risk Mitigation Under the Solvency II Regime
This episode of “The Standard Formula” podcast is a continuation of the Back to Basics series. Skadden partner Rob Chaplin and his colleague Imad Mohammed Nazar focus on reinsurance and risk transfer under Solvency II.Reinsurance is a crucial aspect of the insurance industry and plays a significant role in mitigating risk. Under the Solvency II regime, insurers are subject to specific rules and re
Back to Basics: Exploring the Many Facets of the Solvency II Regime
This episode of “The Standard Formula” podcast launches the “Back to Basics” series, which will comprehensively cover the U.K.’s Solvency II regime. For the premiere episode, Skadden partner Rob Chaplin and associate David Wang delve into the intricacies of own funds, a core concept of Solvency II.Own funds constitute an insurer's regulatory capital, comprising both balance sheet and limited off-b
Understanding Insurance Resolution Regimes
This episode of The Standard Formula podcast discusses three emergent insurance resolution regimes that deal with the failure, or potential failure, of insurers. Lamya Al-Yazdi, a member of Skadden’s London insurance team, joins Skadden partner Rob Chaplin to discuss the U.K. HM Treasury consultation on the insurer-specific recovery and resolution regime (IRR), the EU Insurance Resolution and
International Association of Insurance Supervisors: Who They Are and Their Industry Impact
In this episode of “The Standard Formula” podcast, partner Rob Chaplin reviews the International Association of Insurance Supervisors (IAIS) with European counsel George Belcher and associate Feargal Ryan from our London insurance team.They discuss how the voluntary membership organization oversees the global standard for the implementation of principles, standards and guidance. Additionally, they
Bermuda Monetary Authority Proposes Enhancements to its Regulatory Regime
In our latest installment of “The Standard Formula” podcast, partner Rob Chaplin and associate Ilianna Kotini discuss the proposals made in the Bermuda Monetary Authority's (BMA) latest consultation paper, which are focused on the BMA’s plan to enhance the regulatory and supervisory regime for commercial insurers and insurance groups. The proposals cover four main areas: changes to the
Comparing Prudential Solvency Regulatory Regimes
In its simplest form, a prudential solvency regime is designed to ensure insurance policyholders are compensated while allowing insurers to remain competitive and not unnecessarily over-capitalized. The three most significant prudential solvency regulatory regimes globally are Solvency II in the EU and U.K., U.S. risk-based capital (RBC) and the Bermuda Solvency Capital Requirement (BSCR).There ar
The Edinburgh Reforms: Big Bang 2.0 or Thoughtful Change?
Following the recently introduced Solvency UK for insurers, the British government has announced the Edinburgh Reforms, which propose various amendments to the UK’s financial services sector. These Reforms are the most significant divergences from the EU’s financial services regulations and are intended to secure the UK's status as a leading financial center.In this episode of “The Standard Formul
UK Government Announces Post-Brexit Solvency II Reforms
As part of its departure from the European Union (Brexit), the United Kingdom is moving away from key EU insurance prudential regulatory standards, including by liberalizing the EU Solvency II regime. These reforms can be seen as political as well as regulatory — and if you’re an insurance professional, it is important to understand what these changes mean and how they may impact you. The Sol
Welcome to The Standard Formula - Solvency Two for Insurers
From Skadden, The Standard Formula is a Solvency Two podcast for UK and European insurance professionals.Join us as Skadden Partner Robert Chaplin leads conversations with industry practitioners and explores Solvency Two developments that matter to you.If you’re enjoying The Standard Formula, be sure to subscribe in your favorite podcast app so you don’t miss any future episodes.Additional informa
