Which one of the following statements about standardsrisk management, Solvency II, and Basel II and III is true?

A). The Solvency II standards were approved by the U.S. Congress and now must be satisfied by all U.S. insurers.

B). The Solvency II standards were promulgated to strengthen U.S. regulation and supervision of the banking sector.

C). Many risk management standards, such as ISO 31000, are voluntary.

D). The Basel II and Basel III standards apply to all European corporations no matter the sector of the economy in which the corporation operates.