When confronted with new regulations, financial firms tend to focus on any reporting requirements that may be included. These will define the content the firms need to produce and the actions they will have to take as a result. In the case of Solvency II, the European Union directive on capital adequacy and risk management for insurers, the reporting requirements are significant. They involve a number of new data elements, as well as data that is already widely available but not standardized.
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