Insurance Company
Insurance / Reinsurance Undertaking
Definition
A firm authorised to underwrite insurance or reinsurance risks, subject to prudential requirements under Solvency II (or equivalent national frameworks), conduct of business rules under IDD, and various reporting and governance obligations. Insurance companies must maintain adequate technical provisions and meet capital requirements reflecting the risks they underwrite.
Regulatory Context
The insurance sector is supervised by national regulators (e.g., PRA in the UK, BaFin in Germany) with EIOPA providing EU-level coordination. Key regulatory developments include Solvency II reform, IFRS 17 accounting standards, and increasing focus on climate-related risks and ESG.