Środki własne zakładów ubezpieczeń – ujęcie w Solvency II
Own funds of insurance companies – Solvency II perspective

Summary/Abstract: The ratio between capital requirements (required capital) and own funds allocated to cover it (available capital) is the main safety parameter used in Solvency I. Its verification and chec- king by supervisory bodies has become one of the most useful instruments created during the course of developing the sectoral insurance supervision. The ratio reflecting coverage of safety capitals with own funds is equally important in Solvency II regime, but the general rule "the higher own funds, the higher safety of the insurance company" has been supple- mented with a complementary rule concerning a relevant quality of own funds. The study presents the principles of the mechanism used for calculation of the amount of own funds acceptable in connection with Solvency II Directive, as well as analyses the differences between Solvency I and Solvency II. The differences result mainly from a different philosophy of assessment in both regimes, but the planes on which one can notice certain dissimilarities between the regimes are also functions played by own funds, time horizon of their calculation and availability, the need to manage them adequately to assets, the need for partner cooperation between the supervisor and the insurance company as regards allo- wing own funds as well as broadly and narrowly defined supervisory objectives. Although parameters which enable verification of maintaining correct financial ratios in both systems have been treated differently, the appropriate relation between own funds and required capital remains one of the most important elements of assessment of insurance companies' solvency in Solvency II.

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