Solvency II does indeed have its imperfections: I have had long-standing concern regarding the potential for excessive reduction of solvency buffers due to over optimistic calibration of internal models, for example, and I would like share a few thoughts on this in a moment.
Also, while a more complex framework is almost certainly inevitable as a result of the need to develop a risk-based system, this complexity has clearly gone too far in some areas – and makes implementation very difficult for smaller companies.