London - The majority of European insurers believe that Solvency II will improve their companies' risk and capital management functions, and half have already enacted formal programs to address the proposed European Union (EU) directive, according to results of a survey released today by Bermuda-based technology services company Accenture.

Solvency II calls for the harmonization of national solvency regulations for insurers based in Europe and the enactment of new rules regarding the levels of capital that EU insurers must set aside to cover their combined risks and liabilities. The stated goal of the directive is to protect policyholders and shareholders by establishing a common solvency system in Europe that is more closely matched to the true risks assumed by insurers.

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