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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
  • From Maturity to Momentum: Insurance Regulation in Taiwan and Vietnam

    From Maturity to Momentum: Insurance Regulation in Taiwan and Vietnam
    Jul 15 2026
    In this episode of “The Standard Formula” global prudential solvency series, host Robert Chaplin is joined by colleagues Connor Williamson and Dev Jain to examine the prudential solvency regimes of Taiwan and Vietnam. Together, they explore Taiwan's capital adequacy regime under the Taiwan Insurance Capital Standard, currency risk challenges facing life insurers, market entry requirements in both jurisdictions and policyholder protection mechanisms. They also examine Vietnam's ambitious growth agenda, as well as the country’s push to establish International Financial Centers in Ho Chi Minh City and Danang to attract foreign investment and become a regional financial hub.🗝️ Key Points 🗝️Top takeaways from this episode Taiwan has implemented the Taiwan Insurance Capital Standard (TWICS), which aligns with the International Association of Insurance Supervisors' ICS 2.0. Insurers must maintain a ratio of total adjusted net capital to risk-based capital of at least 100%, with a tiered regulatory intervention ladder applied to firms falling below that threshold.Approximately 70% of Taiwanese life insurers' invested assets are held in foreign currency, predominantly U.S. dollar-denominated bonds, creating a significant mismatch against their New Taiwan dollar liabilities. In response to sharp Taiwan dollar appreciation in 2025, the country’s insurance regulator introduced new rules allowing insurers to use additional reserves to offset foreign exchange losses, with 10 insurers adopting the new reserve rules.Vietnam welcomes foreign investment with no statutory caps on foreign ownership, and a commercial presence can be established through joint ventures, wholly foreign-owned enterprises, acquisitions or foreign branches — though branches cannot carry out life insurance business. Vietnam's 2025 amendments set out a roadmap for a risk-based capital regime, which will become mandatory starting in 2031.Insurers, reinsurers and foreign branches operating in Vietnam must contribute annually to a compulsory reserve fund at 5% of after-tax profits, capped at 10% of charter capital, providing a safety net for policyholders in the event of insolvency.Vietnam’s government has established two international financial centers in Ho Chi Minh City and Danang that are designed to attract foreign capital, foster innovation and offer fast-track licensing and sandbox approvals.💡 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 Guests 💡Name: Connor WilliamsonWhat 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: SkaddenWords of Wisdom: “Policyholder protection is another cornerstone of Taiwan's regime. In particular, the Stabilization Fund, a private organization sponsored by insurers, is designed to safeguard policyholders’ interest. It can provide loans to troubled insurers, advance claims payments if an insurer's unable to pay, and can make other payments as approved by the FSC. All insurers are required to contribute to the fund.”Connect: LinkedInName: Dev JainWhat he does: Dev Jain advises on a wide range of domestic and cross-border mergers and acquisitions, disposals, investments, carve-outs, consortium deals, group restructurings, governance issues and regulatory matters.Organization: SkaddenWords of Wisdom: “Taiwanese life insurers face substantial currency mismatches as a majority of their New Taiwan dollar liabilities are backed by U.S. dollar assets. Approximately, 70% of their invested assets are in foreign currency predominantly U.S. dollar-denominated bonds. This imbalance in the denomination of invested assets therefore render Taiwanese insurers highly vulnerable to future appreciation of the New Taiwan dollar.”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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    35 mins
  • Hong Kong and Singapore: Analyzing Two of Asia Pacific’s Major Insurance Markets

    Hong Kong and Singapore: Analyzing Two of Asia Pacific’s Major Insurance Markets
    Jun 17 2026
    In the latest episode of Skadden's global series on prudential solvency, host Robert Chaplin is joined by Skadden colleagues Stan Amoah and James Pickstock to examine the regulatory frameworks governing two of Asia Pacific's most prominent insurance markets, Hong Kong and Singapore. The discussion covers Hong Kong's transition to a three-pillar risk-based capital regime under the Insurance (Amendment) Ordinance 2023, the Greater Bay Area initiative, Hong Kong's ILS hub, Singapore's evolving RBC2 framework, the matching adjustment and market entry routes for foreign insurers, among other in-depth analysis.🗝️ Key Points 🗝️ Top takeaways from this episode Hong Kong's Three-Pillar Risk-Based Capital Framework: Hong Kong implemented a comprehensive transition from a rules-based solvency regime to a three-pillar risk-based capital framework under the Insurance (Amendment) Ordinance 2023, as of July 2024. The framework mirrors Solvency II.Capital Requirements and the PCA/MCA Structure: Under Pillar 1, the Prescribed Capital Amount, or PCA, is calibrated to a 99.5% confidence level over a one-year period — roughly equivalent to a one-in-200-year stress event — while the Minimum Capital Amount, or MCA, is set at 50% of the PCA. Capital is tiered into unlimited Tier 1, limited Tier 1 (capped at 10% of the PCA) and Tier 2 (capped at 50% of the PCA), reflecting different levels of loss-absorbing capacity.The Greater Bay Area Initiative and ILS Hub: Hong Kong's Insurance Authority has taken steps to facilitate cross-boundary business under the Guangdong-Hong Kong-Macao Greater Bay Area Initiative, including implementing after-sales service centers in GBA cities. Separately, Hong Kong has established a legal framework for insurance-linked securities, introduced in 2021, with government grant schemes to subsidize ILS issuance costs and position Hong Kong as a leading ILS domicile for the Asia Pacific region.Singapore's RBC2 Framework: Singapore's insurance sector is regulated by the Monetary Authority of Singapore under the Risk Based Capital 2 framework, first introduced in 2004. Insurers must calculate a Capital Adequacy Ratio against a Prescribed Capital Requirement calibrated at 99.5% value at risk over one year — the same methodology as the SCR under Solvency II — and a Minimum Capital Requirement set at 90% VaR and pegged at 50% of the PCR. The framework also allows eligible insurers to apply a matching adjustment when valuing long-term insurance liabilities.💡 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: Stan AmoahWhat he does: Stan advises insurers, financial sponsors, asset managers and other financial institutions on a wide range of corporate matters, including U.K., cross-border and global mergers and acquisitions, disposals, joint ventures, carve-outs, investments and group restructurings.Organization: SkaddenWords of wisdom: “Singapore's insurance market is on a strong growth trajectory, projected to expand at an annual rate of 6.3% between 2026 and 2030, with gross written premiums expected to reach about 6.5 billion U.S. dollars by 2030. The market is dominated by personal accident and health, motor, property and liability insurance. These lines make up over 80% of total gross written premiums.”Connect: LinkedInName: James PickstockWhat he does: James advises on a wide range of corporate and regulatory matters, including U.K., cross-border and global mergers and acquisitions, group restructurings, reinsurance transactions and Part VII transfers, as well as governance and conduct issues.Organization: SkaddenWords of wisdom: "The IA has a graduated ladder of supervisory intervention tools. At the outset, an insurer must notify the IA immediately if any of its directors or key control personnel reach a view that the insurer is at risk of contravening its capital requirements. Failure to do so is an offense."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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    24 mins
  • Decoding Malaysia's Unique Dual Insurance System and Regulatory Framework

    Decoding Malaysia's Unique Dual Insurance System and Regulatory Framework
    May 27 2026
    Malaysia's insurance market is one of Southeast Asia's most developed, with total gross written premiums for general insurance totaling 23.1 billion Malaysian ringgit — approximately $5.8 billion — in 2024, representing year-on-year growth of 6.9%. In this episode of Skadden's global series on prudential solvency requirements, host Robert Chaplin and colleague Caroline Jaffer examine the country’s distinctive dual financial system, which covers onshore and offshore insurance, as well as Malaysia’s landmark risk-based capital framework that is scheduled to be implemented in January 2027, the Sharia governance framework governing Takaful operators, the new Digital Insurers and Takaful Operators framework and the offshore regime on the island of Labuan.🗝️ Key Points 🗝️Top takeaways from this episode Dual Regulatory Framework: Malaysia operates a unique dual system in which conventional insurance regulation runs alongside a comprehensive Islamic insurance framework known as Takaful. Each is governed by separate primary legislation: the Financial Services Act 2013 and the Islamic Financial Services Act 2013. Onshore insurance is supervised by Bank Negara Malaysia (BNM), the country’s central bank, while offshore business conducted on the island of Labuan falls under the Labuan Financial Services Authority.RBC2, a Landmark Reform: BNM issued an exposure draft in June 2024 proposing significant changes to its risk-based capital framework (RBC2), with implementation targeted for 1 January 2027. The reform draws on concepts from the Insurance Capital Standard (ICS) issued by the International Association of Insurance Supervisors while preserving features of Malaysia's existing framework.Takaful and Sharia Governance: Every licensed Takaful operator must maintain an internal Sharia committee, with BNM's prior written approval required for all appointments. Crucially, noncompliance with Sharia is a statutory criminal offense under the IFSA — a feature with no real parallel in conventional insurance regulation globally.The DITO Framework: With approximately 90% of the Malaysian population underinsured, the BNM's Digital Insurers and Takaful Operators (DITOs) framework aims to close that protection gap.💡 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,Organization: SkaddenWords of wisdom: “The BNM, through its Sharia Advisory Council established under the Central Bank of Malaysia Act 2009, holds wide powers to assess, intervene, direct and penalize for breaches. This statute of enforcement architecture has no real parallel to Solvency II or indeed for the most comparable international frameworks, as it is the threshold consideration for any practitioner advisee on the Takaful market entry.”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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    26 mins
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