The purpose of the publication is to show the project „Solvency II” risk assessment process, which gives a possibility to create such a risk management system that will appropriate the level of risk, in order to successfully implement a new solvency system into insurance companies in the European Union, including Latvia, using a project basis. The principle use of the solvency system, namely the project “Solvency II”, will promote insurance companies for financial stability improvements. Analyzing the relevant documents of the European Insurance and Occupational Pensions Authority (EIOPA) and other relevant documents concerning the system “Solvency II” development, the authors of this publication first of all have established the project „Solcency II” model, that summarizes the key points. On the project „Solvency II” model basis the risk assessment procedure’s scheme has been created, which analysis is a component of the risk assessment process. To determine the risk priority the authors use the point method, paying attention to the frequency of the risks, the level of the risks’ impact of the project funding, and implementation period. Special attention shall be paid to risks with a high level of points.