Since 2010, insurance companies will have to take over a new system of defining capital of Solvency. Taking into account the fact that a new system is based on the existence of the required capital to neutralize possible risks, insurance companies starting from 2007 in public annual reports should characterize different risks: market, credit, liquidity and business risks. As a result the article is devoted to the problems of analysing the system and risk management in accordance with Solvency II. At the beginning of the article is given analysis of basic indicators and their trends for the market of non-life insurance in Latvia which shows the necessity of improvement of the techniques of determining capital required for achieving solvency. Next in the article is given classification and analysis of existing models of determining the capital of solvency and are singled out the problems of current models. The authors introduce a review of existing systems of solvency management in different countries. The authors describe the stages of the process of reforming the system of solvency control in the EC. The article pays a considerable attention to the analysis of a new system of determining the solvency capital in Solvency II indicating which capital is needed to neutralize separate risks. Great attention is paid to identification and classification of business risks, suitable for their identification.