Wolters Kluwer Financial Services announced today that banking and insurance group, Argenta Bank-en Verzekeringsgroep nv., one of the largest financial institutions in Belgium, has selected its Solvency II solution for the automation of regulatory reports in Belgium and the Netherlands.
Having previously chosen Wolters Kluwer Financial Services' regulatory reporting solution for its banking operations, Argenta Bank-en Verzekeringsgroep nv is now adding the company's Solvency II solution that will enable it to comply with the global directive's requirements as well as submit the legal insurance reports as required by the National Bank of Belgium (NBB) and the Nederlandsche Bank (DNB).
In addition to its Solvency II solution, Wolters Kluwer Financial Services continues to provide its regulatory reporting solution to Argenta's banking business, in line with requirements of the European Banking Authority (EBA) and the NBB.
"Argenta is proactively optimizing its finance reporting system architecture. Hence we wanted to further automate the different processes currently in place and the selection of Wolters Kluwer Financial Services' automated and fully integrated solution platform plays a significant part of this," said Willy Schalk, director Accounting at Argenta. "Through our positive experience of their regulatory reporting solution for our banking operations and the knowledge consistently demonstrated by their experts, we feel assured that their Solvency II solution will meet the needs of our insurance business".
The Solvency II requirements, outlined by the European Insurance and Occupational Pensions Authority (EIOPA), are particularly challenging and onerous for insurance institutions such as Argenta. For example, financial institutions are responsible for filing more than 60 different reports by 2015, many of which present significant challenges based on the range of sources, size and data requirements for each of the differing reports. These reporting requirements are far more complex in comparison to the previous directive, Solvency I, and aim to harmonize EU insurance regulation and reduce the likelihood of insolvency.
"Argenta's decision to expand upon Wolters Kluwer Financial Services' current regulatory reporting service by adding the Solvency II solution for its insurance business in Belgium and the Netherlands is a true testament to the scope, flexibility and expertise that we offer financial institutions," said Kris Van Bavel, vice president, Europe, Middle East and Africa at Wolters Kluwer Financial Services. "With our integrated solution platform, Argenta will address the reporting and risk requirements of Solvency II, whilst continuing the great service provided to its banking business. This is made possible through our centralized data model allowing Argenta to address requirements across multiple jurisdictions and business lines."
With Wolters Kluwer Financial Services' Regulatory Update Service (RUS), Argenta keeps up-to-date with the on-going changes to Solvency II reporting requirements. Local domain experts are able to help ensure compliance through analyzing regulations in 50 countries around the world; interpreting and identifying any updates to the directive's requirements and updating a financial institutions' Solvency II solution.