SAP announces a new rapid-deployment solution to help insurance companies located or doing business in the European Union (EU) meet the reporting requirements of the Solvency II Directive and its fast-approaching deadlines.
The SAP Solvency II Regulatory Reporting solution provides a fast track for insurance companies to make public disclosures through regulatory reporting as required under the mandates of Solvency II. In turn, the improved transparency will also help European officials better determine compliance and enforcement of the new regulation.
As pending deadlines draw near, Solvency II regulation will require insurance companies located or doing business in the EU to calculate and document solvency through detailed public reports and audits. A number of businesses will likely have difficulty meeting the requirements.
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