For those not involved in financial services, you probably haven't heard of Solvency II yet. For those who do work in insurance, if you haven't heard of it, you must have had a long sabbatical! Insurers are very busy with it: initiating projects, aligning activities with risk, actuarial, internal control and internal audit, compliance and process departments. All of them are struggling with hundreds of pages of advice on requirements from CEIOPS (Committee of European Insurance Supervisors), who are taking a leading role in the preparation of the final legislation.