Our aim is to present an alternative methodology to the standard formula imposed to the insurance regulation (the European
directive knows as Solvency II) for the calculus of the capital requirements. We want to demonstrate how this formula is
now obsolete and how is possible to obtain lower capital requirement through the theory of the copulas, function that are
gaining increasing importance in various economic areas. A lower capital requirement involves the advantage for the various
insurance companies not to have unproductive capital that can therefore be used for the production of further profits. Indeed
the standard formula is adequate only with some particular assumptions, otherwise it can overestimate the capital requirements
that are actually needed as the standard formula underestimates the effect of diversification
