Apart from the obvious differences in the financial service sectors to which these regulations apply, Solvency II incorporates much of the regulatory thinking that went into Basel II. Both are principles rather than rules based and there's a much greater emphasis within Solvency II on the Own Risk Self Assessment than before. Equally the emphasis is on the need to have risk management embedded within day-to-day business decisions. This may mean insurers are going to have to manifest deep and sometimes radical changes in their own risk evaluation and culture.