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The Standard Formula

The Standard Formula

By: Skadden Arps Slate Meagher & Flom LLP
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From Skadden, The Standard Formula is a Solvency Two podcast for UK and European insurance professionals. Join us as Skadden Partner Robert Chaplin leads conversations with industry practitioners and explores Solvency Two developments that matter to you. If you’re enjoying The Standard Formula, be sure to subscribe in your favorite podcast app so you don’t miss any future episodes. Additional information about Skadden can be found at Skadden.com. The Standard Formula is a podcast by Skadden, Arps, Slate, Meagher & Flom LLP, and Affiliates. Skadden is recognized for its deep experience in representing insurance and reinsurance companies and their advisers on a wide variety of transactional and regulatory matters. This podcast is provided for educational and informational purposes only and is not intended and should not be construed as legal advice. This podcast is considered advertising under applicable state laws.Copyright 2026 Skadden, Arps, Slate, Meagher & Flom LLP Career Success Economics Personal Finance
Episodes
  • An Overview of Colombia’s Growing Insurance Sector

    An Overview of Colombia’s Growing Insurance Sector
    May 5 2026
    Colombia's total gross written premium (GWP) is projected to reach $8.9 billion this year and grow to over $11.5 billion by 2028, signifying its rise as a significant and expanding insurance market. In this special additional episode of “The Standard Formula,” host Rob Chaplin is joined by colleague Caroline Jaffer explore Colombia's prudential solvency regime, building on their recent episodes focused on Central and Latin America. They examine the regulatory role of the Superintendencia Financiera de Colombia (SFC), Colombia's alignment with international standards through IAIS membership and the country's gradual shift toward a risk-based capital model. Rob and Caroline also discuss progress toward Solvency II adoption, technical reserve requirements and cross-jurisdictional reinsurance rules through the REACOEX registry.🗝️ Key Points 🗝️Top takeaways from this episode Colombia's Insurance Regulatory Framework: Colombia's insurance sector is regulated by the SFC, which holds wide-ranging powers for licensing, supervision, consumer protection and regulatory enforcement. The Ministry of Finance also retains policymaking authority over the broader insurance sector.Shift Toward Risk-Based Capital: Since 2010, Colombia has been gradually shifting towards a risk-based solvency framework. Insurers now calculate required capital based on asset risks, underwriting risk and other exposures, with the minimum capital required to be comprised of paid-in capital, reserves and retained earnings.Progress Toward Solvency II Adoption: Colombia is working toward a more extensive adoption of Solvency II, encompassing not only quantitative capital requirements but also governance, risk management, reporting and transparency. One challenge has been the availability of data, leading the Colombian government to foster capacity-building within the insurance sector to ensure an ordered transition.Cross-Jurisdictional Reinsurance and the REACOEX: Domestic insurers may cede risk to foreign reinsurers, provided those reinsurers are registered in the REACOEX — the SFC's public registry for foreign insurers and reinsurance intermediaries.💡 Meet Your Host 💡Name: Robert ChaplinTitle: Partner, Insurance at SkaddenSpecialty: Rob primarily focuses on transactional and advisory work in the insurance sector. He advises on mergers and acquisitions, disposals, joint ventures and strategic reinsurances. He also counsels on regulatory issues, with an emphasis on Solvency II.Connect: LinkedIn 💡 Featured Guest 💡Name: Caroline JafferWhat she does: Caroline has extensive experience working on insurance matters and liaising with regulators in both the U.K. and internationally, having practised in both the U.K. and the Middle East.Organization: SkaddenWords of wisdom: "Colombia has increasingly aligned its supervisory and prudential systems to international standards in recent years. The SFC became a member of the International Association of Insurance Supervisors, or IAS, Multilateral Memorandum of Understanding in 2022. Accordingly, Colombian regulation follows all their guidelines specifically regarding prudential supervision, market conduct, corporate governance and risk management."Connect: LinkedInConnect with Skadden☑️ Follow us on X and LinkedIn.☑️ Subscribe to The Standard Formula on Apple Podcasts, Spotify, or your favorite podcast app.The Standard Formula is a podcast by Skadden, Arps, Slate, Meagher & Flom LLP, and Affiliates. This podcast is provided for educational and informational purposes only and is not intended and should not be construed as legal advice. This podcast is considered advertising under applicable state laws.
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    9 mins
  • Insurance Down Under: Analyzing Prudential Solvency Regimes in Australia and New Zealand

    Insurance Down Under: Analyzing Prudential Solvency Regimes in Australia and New Zealand
    Mar 31 2026

    Australia and New Zealand sit at opposite ends of the international solvency spectrum — as Australia is among the largest in the Asia Pacific region, while New Zealand is smaller in scale and undergoing significant evolution to align with international best practices. During this penultimate episode of “The Standard Formula” series on global prudential solvency requirements, host Rob Chaplin and associate Connor Williamson examine the two countries’ markets and regulatory regimes, regulatory structures, capital standards, governance and reporting requirements, and reinsurance frameworks, among other topics.

    💡 Meet Your Host 💡

    Name: Robert Chaplin

    Title: Partner, Insurance at Skadden

    Specialty: Rob primarily focuses on transactional and advisory work in the insurance sector. He advises on mergers and acquisitions, disposals, joint ventures and strategic reinsurances. He also counsels on regulatory issues, with an emphasis on Solvency II.

    Connect: LinkedIn

    💡 Featured Guest 💡

    Name: Connor Williamson

    What he does: Connor has a wide-ranging financial institutions and regulatory practice, with extensive experience advising insurers, asset and wealth managers, banks, payment institutions, credit rating agencies, non-bank lenders and financial sponsors on transactional and stand-alone advisory matters.

    Organization: Skadden

    Words of wisdom: “The first point to understand is that New Zealand has its own regulatory regime, and that's actually more different from Australia than you might expect.”

    Connect: LinkedIn

    Connect with Skadden

    ☑️ Follow us on X and LinkedIn.

    ☑️ Subscribe to The Standard Formula on Apple Podcasts, Spotify, or your favorite podcast app.

    The Standard Formula is a podcast by Skadden, Arps, Slate, Meagher & Flom LLP, and Affiliates. This podcast is provided for educational and informational purposes only and is not intended and should not be construed as legal advice. This podcast is considered advertising under applicable state laws.
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    26 mins
  • South Korea in Focus: Analysing One of Asia’s Most Dynamic Insurance Markets

    South Korea in Focus: Analysing One of Asia’s Most Dynamic Insurance Markets
    Feb 23 2026

    South Korea's insurance industry is estimated to be the seventh-largest globally, with high market concentration: three life insurers hold approximately 50% of the life insurance market while the top four non-life insurers control about 70% of the non-life market. In this episode of Skadden's yearlong podcast series on global insurance regulatory regimes, host Rob Chaplin and colleague Chiara Iorizzo explore South Korea's robust, multi-layered regulatory framework. Tune in for their detailed analysis of the country’s regulatory and prudential regimes and observations about how the country aligns with global insurance standards.

    💡 Meet Your Host 💡

    Name: Rob Chaplin

    Title: Partner, Insurance at Skadden

    Specialty: Rob primarily focuses on transactional and advisory work in the insurance sector. He advises on mergers and acquisitions, disposals, joint ventures and strategic reinsurances. He also counsels on regulatory issues, with an emphasis on Solvency II.

    Connect: LinkedIn

    💡 Featured Guest 💡

    Name: Chiara Iorizzo

    What she does: Chiara advises on domestic and cross-border mergers and acquisitions, group restructurings, regulated financings, governance and regulatory matters for private equity sponsors, asset managers, reinsurers, brokers and other financial institutions within the insurance and financial services sector.

    Organization: Skadden

    Words of wisdom: “If an insurer's KICS ratio falls below the minimum, the FSC has broad powers to take prompt corrective action. This can include requiring the insurer to raise capital, dispose of assets, close sales offices, merge, or transfer business. The regime is designed to ensure that insurers remain financially sound and can meet their obligations to policyholders.”

    Connect: LinkedIn

    Connect with Skadden

    ☑️ Follow us on X and LinkedIn.

    ☑️ Subscribe to The Standard Formula on Apple Podcasts, Spotify, or your favorite podcast app.

    The Standard Formula is a podcast by Skadden, Arps, Slate, Meagher & Flom LLP, and Affiliates. This podcast is provided for educational and informational purposes only and is not intended and should not be construed as legal advice. This podcast is considered advertising under applicable state laws.
    Show more Show less
    17 mins
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