Doing some recapping of bits I didn't expand on from late last week - in particular, there was an explosion of governance related material on the Irish side, as below;
Matthew Elderfield keynote speech in Galway- Introducing PRISM to the world
The telling quote here was;
" Based on [international best practice review] and our own experience we will assess credit risk, market risk, operational risk, insurance risk, liquidity risk, capital risk, environmental risk and conduct risk at our firms going forward, in addition to the business model and governance risks... "
This is of course considerably more in the world of categories than Solvency II asks for in both capital allocation and governance policy terms
Matthew Elderfield press comments
Central Bank of Ireland shutting down the sales force of a non-compliant insurance undertaking
Quinn Insurance investigation - no Actuarial function in house before it collapsed due to pricing errors!http://www.independent.ie/business/irish/administrators-note-lack-of-an-actuary-at-quinn-insurance-2639222.html
All balled together, this is one kitchen which is getting inescapably hot - the price one has to pay for low corporation tax I guess...