The article presents the issue of financial security of insurance companies in light of the Solvency II Directive. The question of minimum capital requirements for conducting operational activities by insurance and reinsurance companies was also discussed.У статті розкрито сутність фінансової безпеки страхових компаній у світлі директиви Solvency II. Також розглянуто питання щодо вимог до мінімального капіталу для проведення оперативної діяльності страхових і перестраховувальних компаній.В статье раскрыта сущность финансовой безопасности страховых компаний в свете директивы Solvency II. Также рассмотрен вопрос относительно требований к минимальному капиталу для проведения оперативной деятельности страховых и перестраховочных компаний

Kafková, Eva

Pukala, Ryszard

Institutional Repository of Vadym Hetman Kyiv National Economic University

155
УДК 386:336
Kafková Eva,
Associate professor Ing., PhD,
Faculty of Business Economics in Kosice,
University of Economics in Bratislava,
Pukala Ryszard, PhD,
Institute of Economics and Management,
State School of Technology and Economics in Jaroslaw
FINANCIAL SECURITY OF INSURANCE COMPANIES
IN THE LIGHT OF THE SOLVENCY II DIRECTIVE
ANNOTATION. The article presents the issue of financial security of
insurance companies in the light of the Solvency II Directive. The
question of minimum capital requirements for conducting operational
activities by insurance and reinsurance companies was also discu-
ssed.
KEYWORDS: insurance company, financial security, risk mana-
gement, solvency.
АНОТАЦІЯ. У статті розкрито сутність фінансової безпеки страхо-
вих компаній у світлі директиви Solvency II. Також розглянуто пи-
тання щодо вимог до мінімального капіталу для проведення опе-
ративної діяльності страхових і перестраховувальних компаній.
КЛЮЧОВІ СЛОВА: страхова компанія, фінансова безпека, управ-
ління ризиками, платоспроможність.
АННОТАЦИЯ. В статье раскрыта сущность финансовой безопас-
ности страховых компаний в свете директивы Solvency II. Также
рассмотрен вопрос относительно требований к минимальному ка-
питалу для проведения оперативной деятельности страховых и
перестраховочных компаний.
КЛЮЧЕВЫЕ СЛОВА: страховая компания, финансовая безопас-
ность, управление рисками, платежеспособность.
Introduction. Financial security of an insurance company is one
of the key aspects of its functioning, whereas appropriate management
of funds and the risk related to its operation is its principal task.
Therefore, the issue of optimizing the operation of insurance
companies in the context of risk and capital management is the
responsibility of supervisory institutions that have regulated their
operation at the national and international level for years now.
Creation of the common European insurance market has
contributed to the harmonization of insurance markets in all EU
Member States and has imposed new requirements on insurers in the
© Kafková Eva,
Pukala Ryszard, 2012
156
field of their financial liquidity. Changes related, among others, to the
development of financial markets, concentration of business around
international capital groups, unification tendencies or development of
risk management techniques compel the adjustment of regulations to
changing conditions around. The key initiative in this scope is
Solvency II, which allows a more optimal risk analysis from the
insurer’s perspective in order to optimally use the capital. It has also
given the possibility to monitor risks that had not been estimated
before.
The essence of Solvency II. The work, in progress since 1994, has
been undertaken on the EU market to develop uniform rules
regulating the financial market of the European Union and to create
equal opportunities to entities conducting business activities in this
area. Changes introduced on 1 January 2004, resulting from the so-
called Muller Report (Solvency I), have enhanced the security of
insured entities by increasing the severity of requirements concerning
solvency. Consequently, the following goals have been achieved:
• operational model based on constant indices,
• increased authority of supervisory bodies,
• stricter requirements concerning minimum guarantee capital.
Introduction of rules under the name Solvency I was an impulse to
seek new solutions aimed at developing closer links between capital
requirements and risks an insurance company is exposed to — which
has been termed Solvency II.
Solvency II is there to increase transparency and trust in the entire
insurance sector. It is based on the rules of economic assessment of
insurance companies in order to maintain balance between the amount
of costs incurred by insurers and the high level of security of the
insured persons, on the assumption that the objective analysis depends
on capital requirements based on risk assessment. Project is based on
three pillars — Figure 1. A separate category of risks related to
conducting insurance or reinsurance activities has been subjected to
each pillar.
Particular pillars of the system include:
• pillar I — quantitative requirements concerning the valuation of
assets and liabilities of insurance companies, approaches to
calculation of costs of capital components, insurance technical reser-
ves, Minimal Capital Requirement and Solvency Capital Require-
ment;
• pillar II — qualitative requirements concerning the supervisory
process, own risk assessment, risk management system, own re-
sources and group supervision,
157
• pillar III — concerns the enhancement of transparency of actions
performed by insurance companies on the market and establishment
of uniform rules as regards insurer’s disclosure requirements.
PILLAR I PILLAR II PILLAR III
SOLVENCY II
Quantitative financial 
requirements
Auditing and supervision Market discipline
- rules of assets and 
liabilities valuation,
- approaches to calculation 
of costs of capital 
components,
- release of reserves,
- Minimum Capital 
Requirement and target 
Solvency Capital 
Requirement,
- standard vs. internal 
model,
- correlation/
diversification
- Supervisory Review 
Process (SRP),
- Own Risk and Solvency 
Assessment (ORSA),
- risk management system,
- own resources,
- capital Add-On,
- group supervision
- transparency,
- public disclosure 
requirements,
- information on the risk 
management system 
(internal vs external),
- information for 
shareholders,
- reputation risk,
- competitiveness factor
Figure 1. Financial supervision structure under Solvency II [1]
One of the key elements of the Solvency II system is the enhanced
insurance supervision and the broadest possible legal and systemic
harmonization of the insurance market within the territory of the
European Union. In the new system, the insurance supervision covers
a broad range of obligations and thus should be based on a risk-
oriented approach, taking account of the complexity and scale of risks
related to insurance and reinsurance activities conducted. Such
approach requires that an insurance (reinsurance) company makes an
appropriate assessment of own short-term and long-term risk, as well
as the quantity of own resources necessary to cover it.
Insurance and reinsurance company management in the light
of Solvency II.
Each insurance company is exposed to different types of risk in
relation to its operation. Their careful identification is one of the key
tasks for insurers. Bearing in mind the main risk, i.e. general
insolvency, they should undertake actions aimed at identification of
158
risks and counteracting their effects. We need to note that the
materialization of the main risk involves the materialization of
fragmentary risks that could be divided into:
• technical risks — related to a technical operation of an insurance
company and resulting from the type of activity conducted,
• investment risks — related to the investment activity of an
insurance company,
• operational risks — related to an ongoing business activity of
insurers.
Therefore, an insurer should have funds at its disposal to serve
as a collateral against the abovementioned risks and constitute a
source to cover all financial losses. In this context we need to
emphasize that the identification of capital requirements of an
insurance company is there to set such an amount of own funds that
allows the insurer’s solvency according to the scale of activity and
exposure to risks.
Apart from capital requirements, insurance risk management is an
important element of insurers’ security. We also need to stress that
«regulations referring to a relevant amount of an insurance company’s
own funds provide an appropriate execution of tasks an insurance
company is responsible for, including those related to insurers, are one
of the conditions that guarantee the implementation of the real
insurance protection rule» [2, p. 134]. These conditions have been
included in the Solvency II Directive.
The new system introduces a number of changes that are of
significance to the insurer’s activity. These are mainly new
quantitative and qualitative requirements as regards the approach
to the management of risk and capital dedicated to cover it. The
proposed qualitative amendments mostly concern the extension of
the catalogue of risks to be managed by an insurance company
and the methods of their analysis. In compliance with new
regulations, apart from managing an actuarial risk, insurers will
have to concentrate more on the market and credit risk mana-
gement.
The management system specified in the new Directive requires
the meeting of seven requirements that are crucial for the operation of
insurance and reinsurance companies. These requirements concern
competences of persons responsible for entity management and its
particular strategic elements, risk management, own risk and solvency
assessment, internal audit, external audit, actuarial function and
outsourcing — Figure No 2.
159
M
A
N
A
G
E
M
E
N
T
 S
Y
ST
E
M
f i t  a n d  p r o p e r  m a n a g e m e n t
r i s k  m a n a g e m e n t
o w n  r i s k  a n d  s o l v e n c y  a s s e s s m e n t
i n t e r n a l  a u d i t
e x t e r n a l  a u d i t
a c t u a r i a l  f u n c t i o n
o u t s o u r c i n g
Figure 2. Requirements for a proper insurance and reinsurance company
management in the light of Solvency II [3]
In order for a management system in an insurance and reinsurance
company to function properly, an entity’s specificity, operating scale
and complexity of operations conducted should be taken into account.
We need to note that in the light of the Directive management
functions can either be performed by a company’s personnel, or
outsourced to external experts.
The need to implement organizational and procedural solutions in
the scope of managing an additional category of risk, i.e. operational
risk, is a big challenge. In this context, determination of insurer’s
solvency by obliging the entity to meet two capital requirements that
are harmonized within the territory of EU is of key importance for an
insurance company:
• Solvency Capital Requirement, corresponding to such a level of
own resources which allows covering unforeseeable losses and
provides relevant protection to insurers and insured parties,
• Minimum Capital Requirement, covered by insurer’s own
resources, below which an insurer and an insured party would be
exposed to an impermissible risk level.
160
The Solvency II Directive has determined an non-negotiable lower
threshold of the Minimum Capital Requirement [4]:
• EUR 2.2 million for non-life insurance companies, including
subsidiary insurance companies, except for covering all or some risks
from groups from 10 to 15, where this threshold amounts to at least
EUR 3.2 million,
• EUR 3.2 million for life insurance companies, including
subsidiary insurance companies,
• EUR 3,2 million for reinsurance companies, except for subsidiary
reinsurance companies, where the Minimum Capital Requirement
amounts for at least EUR 1,0 million.
The Directive specifies in detail capital requirements concerning
subsidiary entities, which should be the same as for mother entities,
except for reinsurance, where requirements are more liberal.
New regulatory solutions are aimed at a more precise linking of
capital owned by an insurance company with the scale of risk related
to conducted activities.
An important element that influences financial security of insurers
is the introduction of new risk management mechanisms by applying
the requirements of the Solvency II Directive — Own Risk and
Solvency Assessment (ORSA) [5]. The Directive obliges insurance
companies to perform own risk and solvency assessment under the
risk management system. ORSA is a process in which an insurance
company assesses all company-specific risks and determines related
capital needs. Therefore, the system should:
• be a part of decision-making processes at the insurance company,
• take account of a specific risk profile, risk tolerance limits and
action strategies,
• provide constant meeting of Minimum and Solvency Capital
Requirement by an insurance company,
• assist decisions related to risk transferring or retaining,
• help in capital management,
• express the magnitude of risk in numbers.
Therefore, ORSA is a mechanism assessing all significant risks
related to insurance company’s business activities and is a part of the
risk management system as an assessment process. It is also a part of
decision-making processes that include strategies, business plans and
demand for risk.
Summary. Financial security of an insurance company is the key
element to guarantee its solvency and meet the obligations towards the
insured parties. Apart from the micro-scale, i.e. direct relations with a
client covered by insurance protection, by accumulating significant
161
financial resources acquired in the framework of operational activity
an insurer influences the entire financial market - both domestic and
international. In this context we need to emphasize that efficient risk
management and sufficient financial resources needed to conduct
business activities, which is regulated by the Solvency II Directive, is
a necessary condition for efficient management and meeting the
obligations by an insurance company.
References
1. K. Stroiński, Solvency II — Nadzór, wymogi zarządcze oraz nadzór
grupowy, Warszawa, 2008, PIU, Deloite Advisory Sp. z o.o.
2. J. Łańcucki, Podstawy finansów ubezpieczeń gospodarczych, PWN,
Warszawa 1996, s. 134.
3. Source: K. Stroiński, Solvency II — Nadzór, wymogi zarządcze oraz
nadzór grupowy, Warszawa, 2008, PIU, Deloite Advisory Sp. z o.o.
4. Article 129 of the Directive on the taking-up and pursuit of the
business of Insurance and Reinsurance (Solvency II).
5. Article 45 of the Directive on the taking-up and pursuit of the business
of Insurance and Reinsurance (Solvency II).
6. DIRECTIVE 2009/138/EC OF THE EUROPEAN PARLIAMENT
AND OF THE COUNCIL of 25 November 2009 on the taking-up and
pursuit of the business of Insurance and Reinsurance (Solvency II).
7. KAFKOVÁ, E. a kolektiv., Poisťovníctvo. Vybrané kapitoly.
Praktikum. Bratislava, Vydavateľstvo EKONÓM, 2006.
8. KAFKOVA E. a kolektiv, Zakłady poistovnictva, Bratislava,
Vydavatel’stvo EKONOM, 2012.
9. KAFKOVA E., KRACINOVSK M., Development of Commercial
Insurance Business in Slovakia and Hungary in the Years 1997 — 2006,
Journal of economics, Slovak Academy of Sciences, Bratislava, 2008.
10. ŁAŃCUCKI J., Podstawy finansów ubezpieczeń gospodarczych,
PWN, Warsaw 1996.
11. PUKAŁA R., Potencjał rynków ubezpieczeniowych krajów Europy
Wschodniej [w] Ubezpieczenia gospodarcze i społeczne. Wybrane
zagadnienia ekonomiczne, redakcja naukowa Wanda Sułkowska, Oficyna
Wolters Kluwer Polska, Warszawa, 2011.
12. PUKAŁA R., Rynki ubezpieczeniowe europejskich państw byłego
ZSRR w warunkach kryzysu gospodarczego w Handel i współpraca
międzynarodowa w warunkach kryzysu gospodarczego, praca zbiorowa pod
red. M. Maciejewskiego i S. Wydymusa, Fundacja Uniwersytetu
Ekonomicznego w Krakowie, Kraków, 2011
13. STROIŃSKI K., Solvency II — nadzór, wymogi zarządcze oraz
nadzór grupowy, Warszawa, PIU Deloitte Advisory Sp. z o.o., 2008.
Статтю подано до редакції 09.10.2012 р.


Financial security of insurance сompanies in the light of the Solvency II directive

Name not available

155УДК 386:336Kafková Eva,Associate professor Ing., PhD,Faculty of Business Economics in Kosice,University of Economics in Bratislava,Pukala Ryszard, PhD,Institute of Economics and Management,State School of Technology and Economics in JaroslawFINANCIAL SECURITY OF INSURANCE COMPANIESIN THE LIGHT OF THE SOLVENCY II DIRECTIVEANNOTATION. The article presents the issue of financial security ofinsurance companies in the light of the Solvency II Directive. Thequestion of minimum capital requirements for conducting operationalactivities by insurance and reinsurance companies was also discu-ssed.KEYWORDS: insurance company, financial security, risk mana-gement, solvency.АНОТАЦІЯ. У статті розкрито сутність фінансової безпеки страхо-вих компаній у світлі директиви Solvency II. Також розглянуто пи-тання щодо вимог до мінімального капіталу для проведення опе-ративної діяльності страхових і перестраховувальних компаній.КЛЮЧОВІ СЛОВА: страхова компанія, фінансова безпека, управ-ління ризиками, платоспроможність.АННОТАЦИЯ. В статье раскрыта сущность финансовой безопас-ности страховых компаний в свете директивы Solvency II. Такжерассмотрен вопрос относительно требований к минимальному ка-питалу для проведения оперативной деятельности страховых иперестраховочных компаний.КЛЮЧЕВЫЕ СЛОВА: страховая компания, финансовая безопас-ность, управление рисками, платежеспособность.Introduction. Financial security of an insurance company is oneof the key aspects of its functioning, whereas appropriate managementof funds and the risk related to its operation is its principal task.Therefore, the issue of optimizing the operation of insurancecompanies in the context of risk and capital management is theresponsibility of supervisory institutions that have regulated theiroperation at the national and international level for years now.Creation of the common European insurance market hascontributed to the harmonization of insurance markets in all EUMember States and has imposed new requirements on insurers in the© Kafková Eva,Pukala Ryszard, 2012156field of their financial liquidity. Changes related, among others, to thedevelopment of financial markets, concentration of business aroundinternational capital groups, unification tendencies or development ofrisk management techniques compel the adjustment of regulations tochanging conditions around. The key initiative in this scope isSolvency II, which allows a more optimal risk analysis from theinsurer’s perspective in order to optimally use the capital. It has alsogiven the possibility to monitor risks that had not been estimatedbefore.The essence of Solvency II. The work, in progress since 1994, hasbeen undertaken on the EU market to develop uniform rulesregulating the financial market of the European Union and to createequal opportunities to entities conducting business activities in thisarea. Changes introduced on 1 January 2004, resulting from the so-called Muller Report (Solvency I), have enhanced the security ofinsured entities by increasing the severity of requirements concerningsolvency. Consequently, the following goals have been achieved:• operational model based on constant indices,• increased authority of supervisory bodies,• stricter requirements concerning minimum guarantee capital.Introduction of rules under the name Solvency I was an impulse toseek new solutions aimed at developing closer links between capitalrequirements and risks an insurance company is exposed to — whichhas been termed Solvency II.Solvency II is there to increase transparency and trust in the entireinsurance sector. It is based on the rules of economic assessment ofinsurance companies in order to maintain balance between the amountof costs incurred by insurers and the high level of security of theinsured persons, on the assumption that the objective analysis dependson capital requirements based on risk assessment. Project is based onthree pillars — Figure 1. A separate category of risks related toconducting insurance or reinsurance activities has been subjected toeach pillar.Particular pillars of the system include:• pillar I — quantitative requirements concerning the valuation ofassets and liabilities of insurance companies, approaches tocalculation of costs of capital components, insurance technical reser-ves, Minimal Capital Requirement and Solvency Capital Require-ment;• pillar II — qualitative requirements concerning the supervisoryprocess, own risk assessment, risk management system, own re-sources and group supervision,157• pillar III — concerns the enhancement of transparency of actionsperformed by insurance companies on the market and establishmentof uniform rules as regards insurer’s disclosure requirements.PILLAR I PILLAR II PILLAR IIISOLVENCY IIQuantitative financial requirementsAuditing and supervision Market discipline- rules of assets and liabilities valuation,- approaches to calculation of costs of capital components,- release of reserves,- Minimum Capital Requirement and target Solvency Capital Requirement,- standard vs. internal model,- correlation/diversification- Supervisory Review Process (SRP),- Own Risk and Solvency Assessment (ORSA),- risk management system,- own resources,- capital Add-On,- group supervision- transparency,- public disclosure requirements,- information on the risk management system (internal vs external),- information for shareholders,- reputation risk,- competitiveness factorFigure 1. Financial supervision structure under Solvency II [1]One of the key elements of the Solvency II system is the enhancedinsurance supervision and the broadest possible legal and systemicharmonization of the insurance market within the territory of theEuropean Union. In the new system, the insurance supervision coversa broad range of obligations and thus should be based on a risk-oriented approach, taking account of the complexity and scale of risksrelated to insurance and reinsurance activities conducted. Suchapproach requires that an insurance (reinsurance) company makes anappropriate assessment of own short-term and long-term risk, as wellas the quantity of own resources necessary to cover it.Insurance and reinsurance company management in the lightof Solvency II.Each insurance company is exposed to different types of risk inrelation to its operation. Their careful identification is one of the keytasks for insurers. Bearing in mind the main risk, i.e. generalinsolvency, they should undertake actions aimed at identification of158risks and counteracting their effects. We need to note that thematerialization of the main risk involves the materialization offragmentary risks that could be divided into:• technical risks — related to a technical operation of an insurancecompany and resulting from the type of activity conducted,• investment risks — related to the investment activity of aninsurance company,• operational risks — related to an ongoing business activity ofinsurers.Therefore, an insurer should have funds at its disposal to serveas a collateral against the abovementioned risks and constitute asource to cover all financial losses. In this context we need toemphasize that the identification of capital requirements of aninsurance company is there to set such an amount of own funds thatallows the insurer’s solvency according to the scale of activity andexposure to risks.Apart from capital requirements, insurance risk management is animportant element of insurers’ security. We also need to stress that«regulations referring to a relevant amount of an insurance company’sown funds provide an appropriate execution of tasks an insurancecompany is responsible for, including those related to insurers, are oneof the conditions that guarantee the implementation of the realinsurance protection rule» [2, p. 134]. These conditions have beenincluded in the Solvency II Directive.The new system introduces a number of changes that are ofsignificance to the insurer’s activity. These are mainly newquantitative and qualitative requirements as regards the approachto the management of risk and capital dedicated to cover it. Theproposed qualitative amendments mostly concern the extension ofthe catalogue of risks to be managed by an insurance companyand the methods of their analysis. In compliance with newregulations, apart from managing an actuarial risk, insurers willhave to concentrate more on the market and credit risk mana-gement.The management system specified in the new Directive requiresthe meeting of seven requirements that are crucial for the operation ofinsurance and reinsurance companies. These requirements concerncompetences of persons responsible for entity management and itsparticular strategic elements, risk management, own risk and solvencyassessment, internal audit, external audit, actuarial function andoutsourcing — Figure No 2.159MANAGEMENT SYSTEMf i t  a n d  p r o p e r  m a n a g e m e n tr i s k  m a n a g e m e n to w n  r i s k  a n d  s o l v e n c y  a s s e s s m e n ti n t e r n a l  a u d i te x t e r n a l  a u d i ta c t u a r i a l  f u n c t i o no u t s o u r c i n gFigure 2. Requirements for a proper insurance and reinsurance companymanagement in the light of Solvency II [3]In order for a management system in an insurance and reinsurancecompany to function properly, an entity’s specificity, operating scaleand complexity of operations conducted should be taken into account.We need to note that in the light of the Directive managementfunctions can either be performed by a company’s personnel, oroutsourced to external experts.The need to implement organizational and procedural solutions inthe scope of managing an additional category of risk, i.e. operationalrisk, is a big challenge. In this context, determination of insurer’ssolvency by obliging the entity to meet two capital requirements thatare harmonized within the territory of EU is of key importance for aninsurance company:• Solvency Capital Requirement, corresponding to such a level ofown resources which allows covering unforeseeable losses andprovides relevant protection to insurers and insured parties,• Minimum Capital Requirement, covered by insurer’s ownresources, below which an insurer and an insured party would beexposed to an impermissible risk level.160The Solvency II Directive has determined an non-negotiable lowerthreshold of the Minimum Capital Requirement [4]:• EUR 2.2 million for non-life insurance companies, includingsubsidiary insurance companies, except for covering all or some risksfrom groups from 10 to 15, where this threshold amounts to at leastEUR 3.2 million,• EUR 3.2 million for life insurance companies, includingsubsidiary insurance companies,• EUR 3,2 million for reinsurance companies, except for subsidiaryreinsurance companies, where the Minimum Capital Requirementamounts for at least EUR 1,0 million.The Directive specifies in detail capital requirements concerningsubsidiary entities, which should be the same as for mother entities,except for reinsurance, where requirements are more liberal.New regulatory solutions are aimed at a more precise linking ofcapital owned by an insurance company with the scale of risk relatedto conducted activities.An important element that influences financial security of insurersis the introduction of new risk management mechanisms by applyingthe requirements of the Solvency II Directive — Own Risk andSolvency Assessment (ORSA) [5]. The Directive obliges insurancecompanies to perform own risk and solvency assessment under therisk management system. ORSA is a process in which an insurancecompany assesses all company-specific risks and determines relatedcapital needs. Therefore, the system should:• be a part of decision-making processes at the insurance company,• take account of a specific risk profile, risk tolerance limits andaction strategies,• provide constant meeting of Minimum and Solvency CapitalRequirement by an insurance company,• assist decisions related to risk transferring or retaining,• help in capital management,• express the magnitude of risk in numbers.Therefore, ORSA is a mechanism assessing all significant risksrelated to insurance company’s business activities and is a part of therisk management system as an assessment process. It is also a part ofdecision-making processes that include strategies, business plans anddemand for risk.Summary. Financial security of an insurance company is the keyelement to guarantee its solvency and meet the obligations towards theinsured parties. Apart from the micro-scale, i.e. direct relations with aclient covered by insurance protection, by accumulating significant161financial resources acquired in the framework of operational activityan insurer influences the entire financial market - both domestic andinternational. In this context we need to emphasize that efficient riskmanagement and sufficient financial resources needed to conductbusiness activities, which is regulated by the Solvency II Directive, isa necessary condition for efficient management and meeting theobligations by an insurance company.References1. K. Stroiński, Solvency II — Nadzór, wymogi zarządcze oraz nadzórgrupowy, Warszawa, 2008, PIU, Deloite Advisory Sp. z o.o.2. J. Łańcucki, Podstawy finansów ubezpieczeń gospodarczych, PWN,Warszawa 1996, s. 134.3. Source: K. Stroiński, Solvency II — Nadzór, wymogi zarządcze oraznadzór grupowy, Warszawa, 2008, PIU, Deloite Advisory Sp. z o.o.4. Article 129 of the Directive on the taking-up and pursuit of thebusiness of Insurance and Reinsurance (Solvency II).5. Article 45 of the Directive on the taking-up and pursuit of the businessof Insurance and Reinsurance (Solvency II).6. DIRECTIVE 2009/138/EC OF THE EUROPEAN PARLIAMENTAND OF THE COUNCIL of 25 November 2009 on the taking-up andpursuit of the business of Insurance and Reinsurance (Solvency II).7. KAFKOVÁ, E. a kolektiv., Poisťovníctvo. Vybrané kapitoly.Praktikum. Bratislava, Vydavateľstvo EKONÓM, 2006.8. KAFKOVA E. a kolektiv, Zakłady poistovnictva, Bratislava,Vydavatel’stvo EKONOM, 2012.9. KAFKOVA E., KRACINOVSK M., Development of CommercialInsurance Business in Slovakia and Hungary in the Years 1997 — 2006,Journal of economics, Slovak Academy of Sciences, Bratislava, 2008.10. ŁAŃCUCKI J., Podstawy finansów ubezpieczeń gospodarczych,PWN, Warsaw 1996.11. PUKAŁA R., Potencjał rynków ubezpieczeniowych krajów EuropyWschodniej [w] Ubezpieczenia gospodarcze i społeczne. Wybranezagadnienia ekonomiczne, redakcja naukowa Wanda Sułkowska, OficynaWolters Kluwer Polska, Warszawa, 2011.12. PUKAŁA R., Rynki ubezpieczeniowe europejskich państw byłegoZSRR w warunkach kryzysu gospodarczego w Handel i współpracamiędzynarodowa w warunkach kryzysu gospodarczego, praca zbiorowa podred. M. Maciejewskiego i S. Wydymusa, Fundacja UniwersytetuEkonomicznego w Krakowie, Kraków, 201113. STROIŃSKI K., Solvency II — nadzór, wymogi zarządcze oraznadzór grupowy, Warszawa, PIU Deloitte Advisory Sp. z o.o., 2008.Статтю подано до редакції 09.10.2012 р.

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Financial security of insurance сompanies in the light of the Solvency II directive

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