The Standard Formula

Hosted by Skadden, Arps, Slate, Meagher & Flom LLP

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May 2026

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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.

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39 recent

May 27, 202625 min

Decoding Malaysia's Unique Dual Insurance System and Regulatory Framework

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.

May 5, 20268 min

An Overview of Colombia’s Growing Insurance Sector

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.

March 31, 202625 min

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

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 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: 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: “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: 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.

February 23, 202617 min

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

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 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: Chiara IorizzoWhat 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: SkaddenWords 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.

December 18, 20251 hr 0 min

Prudential Solvency in Africa: Navigating Regimes Across Five Key Markets

On the latest episode of "The Standard Formula," host Rob Chaplin is joined by associates Dev Jain and Richi Kidiata for a comprehensive tour of Africa’s rapidly evolving insurance landscape. The team delves into the regulatory frameworks of South Africa, Morocco, Egypt, Nigeria and Kenya — markets at the forefront of aligning with international best practices and standards such as Solvency II — and breaks down each jurisdiction’s approach to capital and liquidity requirements, risk management and governance, while highlighting recent reforms, local challenges and the growing integration of African insurers into the global financial system.💡 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: Richi KidiataOrganization: SkaddenName: Dev JainOrganization: SkaddenConnect: 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.

November 25, 202538 min

Prudential Solvency in Latin America: Inside the Region’s Largest Insurance Markets

While Latin America accounts for just 3% of the global insurance market, the region's total written premiums grew at an impressive 11% annually between 2019 and 2024, with projections indicating this growth will continue. In this installment of Skadden's yearlong podcast series on global prudential solvency requirements, host Robert Chaplin and colleagues Caroline Jaffer and James Pickstock do a deep dive into the insurance regimes in Mexico, Brazil, Chile and Argentina. Tune in as they break down each jurisdiction's regulatory authority, unique prudential requirements and gradual shift toward European or Bermudian-style risk-based systems.💡 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: 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: “On investments, Brazil has strict and detailed rules on what type of assets may be invested by insurers and local reinsurers, with such rules being set by Brazilian finance authorities and reviewed periodically. These same rules impose certain investment limits per class of asset and issuer.”Connect: LinkedIn Name: 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 Chilean insurance market is reasonably open to international reinsurers and foreign investment, with some standard regulatory overlay. For example, foreign reinsurers can operate directly in Chile provided they meet certain conditions — being that they have a risk rating of at least BBB or equivalent, and that they have an appointed representative on the ground.”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.

October 10, 202520 min

Analysing Canada’s Prudential Solvency Regime

Canada has one of the world's most sophisticated and internationally integrated insurance markets, marked by robust capital requirements and an increasing orientation towards ESG- and climate-related considerations. Continuing Skadden’s global tour of prudential solvency regimes, host Rob Chaplin and colleague Chiara Iorizzo examine Canada’s insurance regulation structure, valuation approach, capital quality standards and modernization efforts.💡 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: Chiara IorizzoWhat 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: SkaddenWords of wisdom: “The adoption of IFRS 17 is particularly significant given the market concentration of large diversified insurers and (Canada’s) robust regulatory environment, which emphasizes prudential oversight and consumer protection. The standard’s implementation is expected to drive greater alignment between Canadian insurers and their global peers.”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.

August 27, 202540 min

An Update on the EU and UK’s Solvency Regimes

In this episode of The Standard Formula, host Robert Chaplin and Skadden colleague Theo Charalambous provide a high-level refresher on Solvency II, Solvency UK and relevant recent developments as part of Skadden’s year-long podcast series on global prudential solvency requirements. The hosts detail both regimes and relevant topics, including the Matching Adjustment Accelerator (MAIA), enhanced liquidity reporting requirements, and new exit planning obligations for Solvency UK that represent a shift away from Solvency II toward a U.K.-focused approach.💡 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: Theo CharalambousWhat he does: Theo counsels insurers, brokers and private equity sponsors on mergers and acquisitions, disposals, investments, reorganizations, alternative transaction structures and multijurisdictional regulatory matters.Organization: SkaddenWords of wisdom: “In the U.K., the PRA requires that insurers’ investment strategies should be aligned with its investment objectives and asset allocation, the board's risk appetite, risk tolerance limits, investment risk-return objectives, as well as alignment of the investment strategy with its business model.”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.

August 12, 202515 min

Analysing India’s Fast-Growing Insurance Market

India has emerged as the 10th-largest insurance market in the world by total premium volume, yet its insurance penetration level sits around 3%-4%, well below the global average of 7%. In the eighth episode of Skadden's year-long podcast series on global prudential solvency requirements, host Robert Chaplin and colleague Anika Goodfellow explore the country’s evolving insurance regulatory landscape and outline its goal of transforming the sector to allow for companies to more easily conduct business.💡 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: Anika GoodfellowWhat she does: Anika has extensive experience advising reinsurers, brokerages, asset managers and financial sponsors on a wide range of transactions, including U.K., cross-border and global mergers and acquisitions, disposals, investments, carve-outs, consortium deals and group restructurings.Organization: SkaddenWords of wisdom: “The insurance sector in India is shifting toward a risk-based capital, or RBC, regime. This is part of IRDA's “Insurance for All by 2047” initiative to bring the Indian insurance industry in line with international standards and to catch up with India's payers in North America and Europe.”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.

July 29, 202524 min

A Review of China’s Prudential Solvency Regime

China's insurance market has emerged as the second-largest in the world and is on pace to become the largest worldwide by the 2030s. In the seventh episode of Skadden's yearlong podcast series on global prudential solvency requirements, host Robert Chaplin and Skadden colleague Feargal Ryan explore China's regulatory transformation from a centralized state monopoly to a sophisticated risk-based system. They highlight the establishment of the National Financial Regulatory Administration, the implementation of the China Risk-Oriented Solvency System (C-ROSS) and Shanghai’s recent growth as an international reinsurance hub.💡 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:  Feargal RyanWhat he does: Feargal is a counsel in Skadden’s Financial Institutions and Insurance groups. He advises on a wide range of insurance-related transactions, as well as regulatory issues in the insurance sector.Organization: SkaddenWords of wisdom: “Despite the delayed start, China's insurance market has grown rapidly and is the second-largest insurance market globally in terms of total premium volume following only the United States. It is predicted to become the largest market globally by the mid-2030s. In 2024, China recorded a total insurance premium income of 5.7 trillion Chinese Yuan, equivalent to approximately US$794 billion, which is an 11.15% year-on-year increase. China is home to approximately 10% of the world's global insurance activities. The Chinese market serves as a unique opportunity for foreign insurers, especially considering the size of its population, demographics, and the rapid economic development throughout recent decades.”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.