Though America long ago achieved political independence, the financial crisis and the subsequent ongoing turmoil within the Eurozone are potent reminders that our economic inter-reliance with Europe has never ebbed. This intercontinental comity is also increasingly present in the regulatory code. Much as the advent of aviation has helped shrink the Atlantic, new rule-making initiatives are bridging once disparate regulatory regimes.

The largest exemplar of this trend toward global harmonization is the pending Solvency II requirements under development by the European Union. Due to be in force on December 31st 2012, Solvency II will require insurers to be explicit about their governance practices and require them to perform an Own Risk and Solvency Assessment (ORSA), an internal evaluation by an insurer to determine its risk profile.

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