[Framework] Solvency II - Part 1 - Introduction

BACKGROUND 

Solvency II is scheduled to come into effect on 1 January 2016  and will affect all insurers in the EU under the EU Directive that codifies and harmonises the EU insurance regulation with possible adoption by insurers in other regions subsequently.

[Framework] SOX vs J-SOX

This posts will discuss the key differences between Japan's J-SOX and US's SOX Framework.


BACKGROUND
Sarbanes Oxley Act of 2002 was enacted in esponse to accounting frauds and scandals. Below are key effects of SOX:-
1. Top management must individually certify the accuracy of financial information.
2. Severe penalties for fraudulant financial activity.
3. SOX increased the oversight role of boards of directors.
4. Independence of external auditors who review the accuracy of corporate financial statements are increased.