EIOPA s Public Consultation Guidelines for the Preparation of Solvency II - System of Governance & ORSA. 9 April 2013

Size: px
Start display at page:

Download "EIOPA s Public Consultation Guidelines for the Preparation of Solvency II - System of Governance & ORSA. 9 April 2013"

Transcription

1 1

2 EIOPA s Public Consultation Guidelines for the Preparation of Solvency II - System of Governance & ORSA 9 April

3 Agenda 1. Objectives 4 2. Introduction The Consultation Process & Background 5-6 PRA s Communication plan 7 Overview of the Guidelines & Key messages 8-10 Applicability and EIOPA s Cover Note 11 Applicability of Guidelines on firms and groups 12 Thresholds applicable only in the preparatory period 13 Connection to Pillar I SII requirements 14 EIOPA expects the PRA to System of Governance 16 Potential benefits & what is not expected Guidelines summarised What you need to know System of Governance ORSA 22 Potential benefits & what is not expected Guidelines summarised What you need to know ORSA Next steps & questions

4 Objectives Brief industry on the content in EIOPA s proposed preparedness guidelines for the System of Governance and ORSA. Describe the consultation process including timeframes. Outline how the PRA will engage with industry to further identify potential issues. Provide and opportunity for you to raise questions you may have. 4

5 Introduction the consultation process The purpose of the Guidelines (GLs) - within the four consultation papers - is to support both National Competent Authorities (NCAs) and firms in their preparation for the Solvency II (SII) requirements. The papers are made up of a number of GLs that are principles-based and outcomes-focused. The GLs cover the areas that EIOPA considers fundamental to ensure effective preparation for SII and that seek convergence in preparations by Member States starting from 1 January The GLs cover areas that are considered to be the most stable of the SII package: Systems of Governance (SoG); Forward looking assessment of the undertaking s own risks (based on the ORSA principles) ; Submission of information to NCAs; Pre-application for Internal Models. Consultation opening date: 27 th March, closing date: 19 th June ( Firms may respond to the consultation either via the ABI or directly to EIOPA. The final version of the GLs are expected to be published in Sept/Oct NCAs will have to confirm to EIOPA whether they comply or intend to comply with each of these GLs, with reasons for noncompliance, within two months of publication. 5

6 Introduction - background September 2012 October 2012 November 2012 December 2012 December 2012 March 2013 March 2013 The trialogue discussions have been suspended pending the impact assessment on the long-term guarantees package. EIOPA wrote to the EC warning of a fragmented approach to supervision pending SII implementation unless some action was taken to deliver consistency in approach. Commissioner Barnier responded that EIOPA should seek to build on the preparatory work already undertaken by firms. EIOPA issued an Opinion that it had power to develop GLs ahead of SII implementation. EIOPA developed the draft GLs in conjunction with input from the appropriate EIOPA committees. EIOPA Board of Supervisors agreed the draft GLs can be consulted upon. Omnibus II Directive and Level 2 EIOPA is working under the assumption that these measures will be available in time for NCAs and firms to prepare for the submission of the ORSA, and of quantitative and qualitative information in In which case, EIOPA would prepare technical specifications and provide guidance on the calculation of technical provisions and the standard formula. This assumption is based on the OMDII negotiations and the availability of the delegated acts. EIOPA will review the deadlines for the submission of information at the end of

7 Introduction PRA communication plan We are planning to hold meetings with external stakeholders throughout the EIOPA Consultation. There will be follow-up workshops and meetings with nominated industry representatives to gain technical input in early May. A plenary session to provide feedback to industry will be in late May. Other ad hoc external-facing activity will be conducted, as required. Your technical input will inform the PRA s decision on our approach to comply, intend to comply or explain. Information will be available at Firms should address any queries to S2preparednessguidelines@bankofengland.co.uk 7

8 Introduction - Overview of the Guidelines Guideline Paper Systems of Governance Develop Articles 40 to 49, 92, 132 and 256 of the SII Directive. Scope # GL s General governance, fit and proper requirements, risk management, the prudent person principle, governance of own funds, internal controls, internal audit function, actuarial function, outsourcing, and group specific governance requirements. There is also explanatory text for these GLs. (1) 57 Forward looking assessment of the undertaking s own risks Develop Articles 45 and 246 (on group specific aspects) of the SII Directive Three main aspects regarding the assessment of: 1. overall solvency needs. 2. whether the undertaking would comply on a continuous basis with the SII regulatory capital requirements and the requirements regarding the calculation of TPs. 3. deviations from the assumptions underlying the solvency capital requirement calculation. It is also proposed that firms and groups submit a report of the ORSA to the PRA within two weeks of the undertaking having concluded their assessment. There is also explanatory text for these GLs. (1) 25 Note: The GLs focus on preparedness through being outcomes-focused and principles-based, and develop the provisions of Level 1 in the absence of Level 2. (1) The explanatory text is available on the EIOPA website ( but does not form part of the GLs and hence is not part of the comply or explain mechanism or the public consultation process. 8

9 Introduction - Overview of the Guidelines cont d Guideline Paper Submission of information to NCAs Develop Articles 35 and 254 of the SII Directive. Preapplication for Internal Models Develop Articles 112, 113, 115, 116, 120 to 126, 230 and 231 of the SII Directive Scope # GLs The GLs reflect a subset of the reporting templates and of the narrative reporting required under SII. The intention is for NCAs and firms to put in place and test the systems that will be needed to comply with SII reporting requirements, and to analyse and improve over time the quality of data produced. For the preparatory phase to be fully effective, EIOPA consider it appropriate to include quarterly quantitative submissions as well as annual. The GLs proposed cover most aspects of the internal model framework, including model changes, use test, expert judgement, methodological consistency, probability distribution forecast, profit and loss attribution, calibration approximations, validation, documentation, external models and data, and the functioning of colleges. They aim to increase convergence of supervisory practices. There is also explanatory text for these GLs. (1) (1) The explanatory text is available on the EIOPA website ( but does not form part of the GLs and hence is not part of the comply or explain mechanism or the public consultation process. 9

10 Key messages Firms will continue to be regulated and supervised under the existing SI-based regime. The GLs are preparatory, and not early implementation of SII. It is important to consider the GLs together with the Cover Note which details the approach to the interpretation and application of the GLs. There are thresholds that apply to some aspects (submission of information and ORSA) during, and only during, the preparatory period. As and when European legislation is finalised, firms will need to review their SII plans and amend them as appropriate. We expect firms to have regard to the interim guidelines and take appropriate steps to prepare for SII. We will set out our supervisory approach further once the final guidelines are released in September/October. Note: The PRA will decide whether the UK will comply or intends to comply with each of the GLs. Until that point firms should assume that all guidelines apply. 10

11 Introduction - applicability and EIOPA s Cover Note The GLs need to be read in conjunction with the Cover Note, which sets out how the GLs are to be applied: 1. In a manner that is proportionate in the context of the preparatory phase; and 2. With some phasing-in in the application of the GLs. 1. Proportionality Proportionality is achieved through: the GLs being principles-based or drafted with a view to the outcome or supervisory objective that should be met. the level of detail and scope of the GLs, reflecting the fact that the GLs are issued to prepare for SII, not for its full application. 2. Phasing-in Flexibility in application of the GLs is achieved by EIOPA through general and specific phasing-in and the use of temporary thresholds during the preparatory period. Note: NCAs can go beyond the provisions in the GLs if that is appropriate for their circumstances and to the extent that it is consistent with Union law. 11

12 Applicability of GLs on firms and groups GL Paper Legal start date/ Preparation commences All firms Subset of firms All groups Subset of groups SoG 1 January Preparation commences (1) for GL57 only ORSA 1 January Preparation commences (4) for GLs 3, 14, 15 and 16 only (5) for GLs 3, 14, 15 and 16 only Submission of information Reporting policy Narrative submissions annual Quantitative submissions annual Quantitative submissions quarterly 1 January January 2014 First reporting date 31 December 2014 (3) First reporting date 31 December 2014 (3) First reporting date 30 September 2015 (3) for GL33 only (4) (4) (6) for GL33 only (5) (5) (5) IM Pre-application 1 January 2014 (1) (1) (1) Firms/groups seeking internal models approval (2) Firms subject to narrative reporting (3) On the basis SII is implemented on 1 January 2016, otherwise start date will move in line with delay (4) Firms accounting for 80% of market share at end 2012 (5) Groups (with European subsidiaries outside the UK) with total assets over 12bn at end 2012 (6) Firms accounting for 50% of market share at end

13 Thresholds applicable only in the preparatory period These are set out in detail in GLs 3-11 of the Submission of Information consultation paper. Annual submissions Life solo firms Firms accounting for 80% of market share by TPs Quarterly submissions Firms accounting for 50% of market share by TPs ORSA performance of an assessment Firms accounting for 80% of market share by TPs Non-life solo firms Firms accounting for 80% of market share by gross non-life premiums Firms accounting for 50% of market share by gross non-life premiums Firms accounting for 80% of market share by gross non-life premiums Groups Total assets > 12bn Total assets > 12bn Total assets > 12bn 13

14 Connection to Pillar I SII requirements EIOPA has set out in paragraph 4.12 of the Cover Note: connection between the areas covered by the GLs and the pillar one requirements to be introduced by SII, which are not within the scope of these GLs undertakings will need to calculate the balance sheet, including technical provisions and determine their solvency position under pillar 1 requirements. This connection applies in particular to: The quantitative and qualitative information to be submitted on the calculation of pillar one requirements; Aspects of the actuarial function, including calculation and validation of certain balance sheet items, such as technical provisions; Aspects of the prudent person principle, with regard to the investment of assets; With regard to [ORSA], the assessment of whether the undertaking would comply on a continuous basis with the SII regulatory capital requirements and the requirements regarding the calculation of technical provisions; and the assessment of deviation from the assumptions underlying the SCR calculation. 14

15 EIOPA expects the PRA to 1. Make every effort to comply with the final GLs, as outlined in Article 16(3) of the EIOPA Regulation. 2. Develop a comply or intend to comply response, with reasons for non-compliance, addressing each GL within 2 months after the final GLs are released. There are two dimensions to address when considering complying with the GLs. To comply the PRA needs to: a) Require firms to meet the specified outcomes of individual GLs. This ensures that firms take steps towards implementing the relevant aspects of the regulatory framework addressed in the GLs so that, when SII is applicable, its requirements can be fully complied with. b) Set up the necessary procedures to enable the PRA to review and evaluate the quality of the information provided, and it is likely to be appropriate to discuss it with firms regarding the progress being made. 3. Send EIOPA a progress report on the application of the GLs each year at the calendar year end. The progress reports will not be publicly disclosed. The GLs are addressed to NCAs. Therefore, PRA would have to consider how they would apply them to firms. There are a number of mechanisms that are permissible within the scope of the Cover Note and the GLs that may help achieve this, and we need to evaluate these options in more detail. It will also be necessary to ensure that any necessary procedures can be developed to enable the PRA to review and evaluate the quality of the information provided to them. 15

16 System of Governance Potential Benefits View EIOPA s expectations early The GLs clarify what the SII target is, giving firms a clearer objective for their preparations. As a result, it will be easier for firms to identify what actions they need to take to ensure they can meet these requirements when SII comes into effect. Reaffirm transition plans - A clear transition plan will enable firms to ensure they have the necessary resources and time to put in place any changes required in governance structures, processes, policies and staffing. Test-runs and feedback - Taking active steps towards preparedness will help ensure that firms can test-run proposed changes to their governance system, including interdependencies between Pillar 1 and Pillar 3 requirements, and receive feedback from supervisors where appropriate. 16

17 System of Governance What is not expected Fully implemented SII governance systems in 2014 Firms are not expected to achieve the GLs immediately, but rather prepare through developing and/or adapting their current governance systems, processes and structures so that they are SII compliant by the time the Directive is transposed. Changes to investments or capital A firm s preparation for SII SoG GLs is not expected to lead to changes to a firm s investment portfolios, capital structure or other Pillar 1 aspects. Overlooking Pillar 1 dependencies Preparations related to aspects of the SoG GLs that require finalised SII Pillar 1 specifications are not expected. 17

18 System of Governance GLs summarised There are 57 GLs proposed. The PRA is required to ensure that firms (including groups) take the appropriate steps to put processes and systems in place and document them. The PRA is also required to review and evaluate the quality of information provided by firms. How that is achieved in a way that is not too burdensome on firms and supervisors will be considered in the coming months. Chapter General governance Fit and Proper Risk Management Prudent Person Principle Internal Controls Content of guidelines (extract) Interaction of the Board with committees, senior management and key functions Alignment of operational structure with strategic objectives and operations of firm AMSB should collectively possess required qualifications, experience and knowledge Implementation of key functions AMSB and key functions required to be fit and proper AMSB governance over risk appetite, risk tolerance limits and RMS effectiveness RM policy requirements RM function tasks Underwriting and reserving. Operational risk, risk mitigation, reinsurance, ALM, investment risk, liquidity risk, Investment risk management Governance of non-routine investment activities Unit-linked and index-linked best interest of policyholders Assets not admitted for trading on regulated financial market Derivatives; Securitised instruments Staff awareness of Internal controls Internal Control activities commensurate to risks Monitoring and reporting so that Board is provided with necessary information 18

19 System of Governance GLs summarised (cont d) Chapter Internal Audit Actuarial Function Outsourcing Group Governance Content of guidelines (extract) Independence of internal audit function Requirements of internal audit policy Requirements of internal audit plan Recommendations and timeframe for remedying faults Tasks of actuarial function and managing conflicts of interest TP Valuation models reflecting key drivers of firm s risks Data quality governance Testing against experience reporting to Board Underwriting and reinsurance arrangements Fit and proper requirements for outsourcing of key functions Documentation of whether outsourced functions are critical and important Outsourcing requirements for Insurance intermediaries Intra-group outsourcing governance Outsourcing policy requirements Allocation of responsibility for group governance requirements Governance requirements for entity fulfilling group governance Scope of risks at solo and group level to be assessed Group risk management requirements Application of group internal model to entities in group Note: Firms and groups above the threshold for submission of annual information are also required to provide narrative information on certain aspects of governance 19

20 What you need to know: System of Governance Although the SoG GLs largely reflect current principles in the Handbook, they also build upon and/or go further than current requirements in a number of areas, including: Role of the Board The Board should have appropriate interaction with any committee it establishes as well as senior management and other key functions, requesting information proactively and challenging when necessary. Key functions SII introduces additional requirements for key functions as detailed in the Directive. During the interim period firms are expected to progress on the implementation of these functions. Risk management A firm s risk management policy should cover specified requirements with respect to underwriting and reserving risk, operational risk, reinsurance and other risk mitigation techniques, strategic and reputational risk, asset liability management, investment risk, liquidity risk and credit risk. 20

21 What you need to know: cont d Prudent Person Principle Firms should develop their own set of key risk indicators for purposes of making investment decisions, and not solely depend on risk assessments by financial institutions, asset managers and rating agencies. Before undertaking non-routine investments a firm should assess its ability to perform and manage these investments as well as their impact on the risk profile of firm. Investments of Unit-linked and Index-linked contracts should be selected in the best interests of the policyholders. The firm should implement, manage, monitor and control procedures in relation to investments that are not admitted to trading on a regulated financial market. Actuarial function Calculation of technical provisions should comply with requirements set out in Articles 76 to 85 of the SII Directive. Any conflicts of interest that arise out of the tasks undertaken by the actuarial function should be addressed. 21

22 ORSA Potential Benefits Reaffirm existing best practice on risk and capital management - The ORSA GLs largely reflect principles of good risk and capital management which underpin the ICAS and are set out in the PRA Handbook. Develop processes for implementing the ORSA Although reflecting best practice, the ORSA GLs do introduce new requirements along several dimensions. A clear plan for developing and testing the ORSA will enable firms to ensure they have the necessary resources and time to put in place any changes required in governance structures, processes, policies and staffing. Test-run the ORSA and integrate into decision-making Dry-runs of the ORSA will enable firms to assess interdependencies between pillar 1/2/3 requirements, move towards integration in planning and work out any problems before implementation. 22

23 ORSA What is not expected A full ORSA is not necessarily expected of all firms in The interim ORSA is for preparedness, and so firms are expected to take active steps, where they have not already done so, towards developing their ORSA starting in In addition, many firms will not be expected to address GLs 14-16, as they will not meet the threshold defined by EIOPA. Changes to a firm s regulatory capital requirements, investment portfolios, capital structure or other Pillar 1 aspects is not expected. The preparation of governance systems, processes or structures that require SII Pillar 1 specifications is not fully expected if these have yet to be agreed upon in the European Union. 23

24 ORSA GLs summarised Chapter Threshold Board role in ORSA; ORSA role in decision-making Documentation ORSA Content of guidelines (extract) Statement of threshold calculation Statement of what requirements apply to threshold firms Role of Board in setting policy and challenging results Use of ORSA in strategic planning and decision-making ORSA policy contents ORSA record contents ORSA internal report communication to staff ORSA supervisory report contents and submission to NSA Stress and scenario tests Forward-looking perspective Applies to all firms and must submit at least annually Valuation basis for ORSA Use of valuation basis other than SII Continuous compliance with regulatory capital requirements Applies to threshold firms only Forward looking basis Capital management and stress/scenario tests 24

25 ORSA GLs cont d Chapter Compliance with S2 technical provisioning requirements Deviations of risk profile from assumptions underlying the SCR Group ORSA Content of guidelines (extract) Applies to threshold firms only Link to Art. 45 of Directive Applies to threshold firms only Does not apply to IMAP firms Link to Art 45 of Directive Scope of group ORSA in regard to entities Reporting of group ORSA to supervisor Contents of group ORSA, including of management and alignment of solo and group strategies Group ORSA record Group ORSA report to supervisor Single report for group Internal model at group level Calculation of group solvency requirement 3 rd country branches Impact of third-country business on ORSA 25

26 What you need to know: ORSA The interim ORSA build upon the principles underlying the ICAS and other prudential requirements in the Handbook, but extends them on a preparedness basis only along various dimensions, including: Own solvency needs assessment (OSN) All firms will be required to conduct an OSN assessment that is forward-looking, reflecting the business planning horizon of the firm, and incorporating an assessment of all material risks to which the firm is exposed. An ORSA report is to be submitted within 2 weeks of completion. Continuous compliance with regulatory capital requirements (SCR) (Only threshold) firms will be required to assess on a forward-looking basis, taking into account capital management and incorporating results from relevant stress tests/scenario analyses, their [potential] ability to continuously comply with the SII regulatory capital requirements. Deviations between risk profile and assumptions underlying calculation of SCR (Only threshold but excluding IMAP) firms will be required to assess whether their risk profile deviates significantly from the assumptions underlying the calculation of their solvency capital requirement. Compliance with SII technical provisioning requirements (Only threshold) firms will be required, as part of their forward-looking assessment, to ensure that the AF provides input regarding the firm s ability to continuously comply with the requirements regarding the calculation of technical provisions. 26

27 Next steps: Familiarise yourself with the guidelines and understand the impact on you. Address any questions you have and flag the impact of the guidelines to the Policy team at the address below. The questions and comments we receive will help the PRA to understand the impact of the guidelines and will inform our response to the EIOPA Consultation. 27

28 Questions? 28

Industry Briefing on Central Bank Guidelines on Preparing for Solvency II

Industry Briefing on Central Bank Guidelines on Preparing for Solvency II Industry Briefing on Central Bank Guidelines on Preparing for Solvency II 25 November 2013 Agenda 1. Central Bank Guidelines on preparing for Solvency II 2.Q&A session Central Bank Guidelines on preparing

More information

EIOPACP 13/09. Guidelines on Forward Looking assessment of own risks (based on the ORSA principles)

EIOPACP 13/09. Guidelines on Forward Looking assessment of own risks (based on the ORSA principles) EIOPACP 13/09 Guidelines on Forward Looking assessment of own risks (based on the ORSA principles) EIOPA Westhafen Tower, Westhafenplatz 1 60327 Frankfurt Germany Tel. + 49 6995111920; Fax. + 49 6995111919;

More information

Insurance Guidance Note No. 14 System of Governance - Insurance Transition to Governance Requirements established under the Solvency II Directive

Insurance Guidance Note No. 14 System of Governance - Insurance Transition to Governance Requirements established under the Solvency II Directive Insurance Guidance Note No. 14 Transition to Governance Requirements established under the Solvency II Directive Date of Paper : 31 December 2013 Version Number : V1.00 Table of Contents General governance

More information

Consultation Paper on the Proposal for Guidelines on submission of information to national competent authorities

Consultation Paper on the Proposal for Guidelines on submission of information to national competent authorities EIOPA-CP-13/010 27 March 2013 Consultation Paper on the Proposal for Guidelines on submission of information to national competent authorities Page 1 of 268 Table of Contents Responding to this paper...

More information

EIOPA-CP-11/008 7 November 2011. Consultation Paper On the Proposal for Guidelines on Own Risk and Solvency Assessment

EIOPA-CP-11/008 7 November 2011. Consultation Paper On the Proposal for Guidelines on Own Risk and Solvency Assessment EIOPA-CP-11/008 7 November 2011 Consultation Paper On the Proposal for Guidelines on Own Risk and Solvency Assessment EIOPA Westhafen Tower, Westhafenplatz 1-60327 Frankfurt Germany - Tel. + 49 69-951119-20;

More information

Questions and answers collated at the PRA s Solvency II industry briefings on 12 December 2013

Questions and answers collated at the PRA s Solvency II industry briefings on 12 December 2013 Questions and answers collated at the PRA s Solvency II industry briefings on 12 December 2013 Notes: 1. The responsibility for understanding the requirements of Solvency II and demonstrating that the

More information

Insurance Groups under Solvency II

Insurance Groups under Solvency II Insurance Groups under Solvency II November 2013 Table of Contents 1. Introduction... 2 2. Defining an insurance group... 2 3. Cases of application of group supervision... 6 4. The scope of group supervision...

More information

Final Report on Public Consultation No. 14/017 on Guidelines on own risk and solvency assessment

Final Report on Public Consultation No. 14/017 on Guidelines on own risk and solvency assessment EIOPA-BoS-14/259 28 January 2015 Final Report on Public Consultation No. 14/017 on Guidelines on own risk and solvency assessment EIOPA Westhafen Tower, Westhafenplatz 1-60327 Frankfurt Germany - Tel.

More information

Solvency II for Beginners 16.05.2013

Solvency II for Beginners 16.05.2013 Solvency II for Beginners 16.05.2013 Agenda Why has Solvency II been created? Structure of Solvency II The Solvency II Balance Sheet Pillar II & III Aspects Where are we now? Solvency II & Actuaries Why

More information

Making it clear Reporting and disclosure in the Solvency II world

Making it clear Reporting and disclosure in the Solvency II world Making it clear Reporting and disclosure in the Solvency II world The Solvency II Directive is built around the 3 pillars of quantitative requirements (Pillar 1), supervisory review (Pillar 2) and disclosure

More information

This section outlines the Solvency II requirements for a syndicate s own risk and solvency assessment (ORSA).

This section outlines the Solvency II requirements for a syndicate s own risk and solvency assessment (ORSA). Section 9: ORSA Overview This section outlines the Solvency II requirements for a syndicate s own risk and solvency assessment (ORSA). The ORSA can be defined as the entirety of the processes and procedures

More information

2015 No. 575 FINANCIAL SERVICES AND MARKETS. The Solvency 2 Regulations 2015

2015 No. 575 FINANCIAL SERVICES AND MARKETS. The Solvency 2 Regulations 2015 S T A T U T O R Y I N S T R U M E N T S 2015 No. 575 FINANCIAL SERVICES AND MARKETS The Solvency 2 Regulations 2015 Made - - - - 6th March 2015 Laid before Parliament 9th March 2015 Coming into force in

More information

Regulations in General Insurance. Solvency II

Regulations in General Insurance. Solvency II Regulations in General Insurance Solvency II Solvency II What is it? Solvency II is a new risk-based regulatory requirement for insurance, reinsurance and bancassurance (insurance) organisations that operate

More information

Gabriel Bernardino Chairman of EIOPA

Gabriel Bernardino Chairman of EIOPA Solvency II status update Gabriel Bernardino Chairman of EIOPA KPMG Czech Republic Solvency Conference KPMG Czech Republic Solvency Conference Prague, 12 April 2012 Where is Solvency II? Directive (O.J.

More information

Central Bank of Ireland Guidelines on Preparing for Solvency II Pre-application for Internal Models

Central Bank of Ireland Guidelines on Preparing for Solvency II Pre-application for Internal Models 2013 Central Bank of Ireland Guidelines on Preparing for Solvency II Pre-application for Internal Models 1 Contents 1 Context... 1 2 General... 2 3 Guidelines on Pre-application for Internal Models...

More information

Financial Services Industry 2012. Solvency II How to conduct the ORSA Requirements, EIOPA responses and Industry views

Financial Services Industry 2012. Solvency II How to conduct the ORSA Requirements, EIOPA responses and Industry views Financial Services Industry 2012 Solvency II How to conduct the ORSA Requirements, EIOPA responses and Industry views Content Table 3 Foreword 5 ORSA overall considerations 6 ORSA key components, requirements

More information

Solvency II in practice. Speaker: Tim O Hanrahan Deputy Head, Insurance, Central Bank of Ireland 16 March 2016

Solvency II in practice. Speaker: Tim O Hanrahan Deputy Head, Insurance, Central Bank of Ireland 16 March 2016 1 Solvency II in practice Speaker: Tim O Hanrahan Deputy Head, Insurance, Central Bank of Ireland 16 March 2016 1 Recap on Solvency II Regulatory Framework under Solvency II Pillar I - Capital Pillar II

More information

Role of Actuaries in Solvency II Tamsin Abbey

Role of Actuaries in Solvency II Tamsin Abbey Role of Actuaries in Solvency II Tamsin Abbey Objective To consider the broad ranging roles that actuaries are expected to play under Solvency II To set out suggested next steps prior to Go-Live Broad

More information

EIOPACP 13/011. Guidelines on PreApplication of Internal Models

EIOPACP 13/011. Guidelines on PreApplication of Internal Models EIOPACP 13/011 Guidelines on PreApplication of Internal Models EIOPA Westhafen Tower, Westhafenplatz 1 60327 Frankfurt Germany Tel. + 49 6995111920; Fax. + 49 6995111919; site: www.eiopa.europa.eu Guidelines

More information

System of Governance

System of Governance CEIOPS-DOC-29/09 CEIOPS Advice for Level 2 Implementing Measures on Solvency II: System of Governance (former Consultation Paper 33) October 2009 CEIOPS e.v. Westhafenplatz 1-60327 Frankfurt Germany Tel.

More information

SOLVENCY II LIFE INSURANCE

SOLVENCY II LIFE INSURANCE SOLVENCY II LIFE INSURANCE 1 Overview 1.1 Background and scope The current UK regulatory reporting regime is based on the EU Solvency I Directives. Although the latest of those Directives was implemented

More information

Consultation Paper CP43/15 Solvency II: external audit of the public disclosure requirement

Consultation Paper CP43/15 Solvency II: external audit of the public disclosure requirement Consultation Paper CP43/15 Solvency II: external audit of the public disclosure requirement November 2015 Prudential Regulation Authority 20 Moorgate London EC2R 6DA Prudential Regulation Authority, registered

More information

ORSA - The heart of Solvency II

ORSA - The heart of Solvency II ORSA - The heart of Solvency II Groupe Consultatif Summer School Gabriel Bernardino, EIOPA Lisbon, 25 May 2011 ORSA - The heart of Solvency II Developing the regulatory framework for Solvency II ORSA it

More information

Consultation Paper CP22/16 Solvency II: Monitoring model drift and standard formula SCR reporting for firms with an approved internal model

Consultation Paper CP22/16 Solvency II: Monitoring model drift and standard formula SCR reporting for firms with an approved internal model Consultation Paper CP22/16 Solvency II: Monitoring model drift and standard formula SCR reporting for firms with an approved internal model May 2016 Prudential Regulation Authority 20 Moorgate London EC2R

More information

PART A AUTHORISATION FOR CARRYING ON BUSINESS OF INSURANCE

PART A AUTHORISATION FOR CARRYING ON BUSINESS OF INSURANCE PART A AUTHORISATION FOR CARRYING ON BUSINESS OF INSURANCE Chapter 1: The Application Process 1.1 Introduction 1.1.1 The application for authorisation to carry on business of insurance shall be considered

More information

Solvency Assessment and Management: Pillar II Sub Committee Governance Task Group Discussion Document 81 (v 3)

Solvency Assessment and Management: Pillar II Sub Committee Governance Task Group Discussion Document 81 (v 3) Solvency Assessment and Management: Pillar II Sub Committee Governance Task Group Discussion Document 81 (v 3) Governance, Risk Management, and Internal Controls INTERIM REQUIREMENTS CONTENTS 1. INTRODUCTION

More information

02/06/2014. Solvency II update. Agenda. Recap: Solvency II three pillar approach. Nick Ford

02/06/2014. Solvency II update. Agenda. Recap: Solvency II three pillar approach. Nick Ford Solvency II update Nick Ford 02 June 2014 Agenda Intro and brief recap Pillar 1 Main issues Impacts on products Pillar 2 Main issues Internal Model Approval Pillar 3 Actuarial forms and concerns Timelines

More information

Solvency II Own risk and solvency assessment (ORSA)

Solvency II Own risk and solvency assessment (ORSA) Solvency II Own risk and solvency assessment (ORSA) Guidance notes MAY 2012 Contents Introduction Page Background 3 Purpose and Scope 3 Structure of guidance document 4 Key Principles and Lloyd s Minimum

More information

Solvency II: An update on implementation

Solvency II: An update on implementation Solvency II: An update on implementation Introduction Solvency II will apply from 1 January 2016. Firms have made significant progress towards compliance with the new regime. The PRA will publish a consultation

More information

Solvency II Own Risk and Solvency Assessment (ORSA)

Solvency II Own Risk and Solvency Assessment (ORSA) Solvency II Own Risk and Solvency Assessment (ORSA) Guidance notes September 2011 Contents Introduction Purpose of this Document 3 Lloyd s ORSA framework 3 Guidance for Syndicate ORSAs Overview 7 December

More information

Guidelines on operational functioning of colleges

Guidelines on operational functioning of colleges EIOPA-BoS-14/146 EN Guidelines on operational functioning of colleges EIOPA Westhafen Tower, Westhafenplatz 1-60327 Frankfurt Germany - Tel. + 49 69-951119-20; Fax. + 49 69-951119-19; email: info@eiopa.europa.eu

More information

CRO Forum Paper on the Own Risk and Solvency Assessment (ORSA): Leveraging regulatory requirements to generate value. May 2012.

CRO Forum Paper on the Own Risk and Solvency Assessment (ORSA): Leveraging regulatory requirements to generate value. May 2012. CRO Forum Paper on the Own Risk and Solvency Assessment (ORSA): Leveraging regulatory requirements to generate value May 2012 May 2012 1 1. Introduction 1.1. Purpose of the paper In this discussion paper

More information

SOLVENCY II HEALTH INSURANCE

SOLVENCY II HEALTH INSURANCE 2014 Solvency II Health SOLVENCY II HEALTH INSURANCE 1 Overview 1.1 Background and scope The current UK regulatory reporting regime is based on the EU Solvency I Directives. Although the latest of those

More information

Consultation Paper on the draft proposal for Guidelines on methods for determining the market share for reporting

Consultation Paper on the draft proposal for Guidelines on methods for determining the market share for reporting EIOPA-CP-14/044 27 November 2014 Consultation Paper on the draft proposal for Guidelines on methods for determining the market share for reporting EIOPA Westhafen Tower, Westhafenplatz 1-60327 Frankfurt

More information

Introduction to Solvency II

Introduction to Solvency II Introduction to Solvency II Tim Edwards Gavin Dunkerley 24 th September 2008 Introduction The primary purpose of this presentation is to explain what Solvency II is and why it is important We also hope

More information

Implementation of Solvency II: The dos and the don ts

Implementation of Solvency II: The dos and the don ts KEYNOTE SPEECH Gabriel Bernardino Chairman of EIOPA Implementation of Solvency II: The dos and the don ts International conference Solvency II: What Can Go Wrong? Ljubljana, 2 September 2015 Page 2 of

More information

Key functions in the system of governance Responsibilities, interfaces and outsourcing under Solvency II

Key functions in the system of governance Responsibilities, interfaces and outsourcing under Solvency II Responsibilities, interfaces and outsourcing under Solvency II Author Lars Moormann Contact solvency solutions@munichre.com January 2013 2013 Münchener Rückversicherungs Gesellschaft Königinstrasse 107,

More information

SOLVENCY II HEALTH INSURANCE

SOLVENCY II HEALTH INSURANCE 2016 Solvency II Health SOLVENCY II HEALTH INSURANCE 1 Overview 1.1 Background and scope The key objectives of Solvency II were to increase the level of harmonisation of solvency regulation across Europe,

More information

Solvency II overview

Solvency II overview David Payne, FIA Casualty Loss Reserve Seminar 15 September 2011 INTNL-2: Solvency II Update Antitrust Notice The Casualty Actuarial Society is committed to adhering strictly to the letter and spirit of

More information

Own Risk and Solvency Assessment

Own Risk and Solvency Assessment Own Risk and Solvency Assessment Presented by Padraic O Malley 1 December 2011 Own Risk and Solvency Assessment Top down process owned by the Board Board needs to know what risks the Company is running

More information

Solvency II Detailed guidance notes

Solvency II Detailed guidance notes Solvency II Detailed guidance notes March 2010 Section 1 - System of governance Section 1: System of Governance Overview This section outlines the Solvency II requirements for an effective system of governance,

More information

Hot Topic FS Regulatory Centre of Excellence, 2 December 2013. Hot Topic. Solvency II requirements published

Hot Topic FS Regulatory Centre of Excellence, 2 December 2013. Hot Topic. Solvency II requirements published Hot Topic Hot Topic Solvency II requirements published The publication of the Omnibus II text provides much needed clarity to the market on some key topics FS Regulatory Centre of Excellence 2 December

More information

Guidelines on supervisory review process

Guidelines on supervisory review process EIOPA-BoS-14/179 EN Guidelines on supervisory review process EIOPA Westhafen Tower, Westhafenplatz 1-60327 Frankfurt Germany - Tel. + 49 69-951119-20; Fax. + 49 69-951119-19; email: info@eiopa.europa.eu

More information

INTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS

INTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS Standard No. 13 INTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS STANDARD ON ASSET-LIABILITY MANAGEMENT OCTOBER 2006 This document was prepared by the Solvency and Actuarial Issues Subcommittee in consultation

More information

Guidelines on undertaking-specific parameters

Guidelines on undertaking-specific parameters EIOPA-BoS-14/178 EN Guidelines on undertaking-specific parameters EIOPA Westhafen Tower, Westhafenplatz 1-60327 Frankfurt Germany - Tel. + 49 69-951119-20; Fax. + 49 69-951119-19; email: info@eiopa.europa.eu

More information

SOLVENCY II LIFE INSURANCE

SOLVENCY II LIFE INSURANCE 2016 Solvency II Life SOLVENCY II LIFE INSURANCE 1 Overview 1.1 Background and scope The key objectives of Solvency II were to increase the level of harmonisation of solvency regulation across Europe,

More information

Solvency II: recognition of deferred tax

Solvency II: recognition of deferred tax Supervisory Statement SS2/14 Solvency II: recognition of deferred tax April 2014 (Last updated on 20 February 2015) Prudential Regulation Authority 20 Moorgate London EC2R 6DA Prudential Regulation Authority,

More information

Solvency II Introduction to Pillar 3. Friday 20 th May 2016

Solvency II Introduction to Pillar 3. Friday 20 th May 2016 Solvency II Introduction to Pillar 3 Friday 20 th May 2016 Disclaimer The views expressed in this presentation are those of the presenter(s) and not necessarily of the Society of Actuaries in Ireland Introduction

More information

Guidelines on ring-fenced funds

Guidelines on ring-fenced funds EIOPA-BoS-14/169 EN Guidelines on ring-fenced funds EIOPA Westhafen Tower, Westhafenplatz 1-60327 Frankfurt Germany - Tel. + 49 69-951119-20; Fax. + 49 69-951119-19; email: info@eiopa.europa.eu site: https://eiopa.europa.eu/

More information

Solvency ii: an overview. Lloyd s July 2010

Solvency ii: an overview. Lloyd s July 2010 Solvency ii: an overview Lloyd s July 2010 Contents Solvency II: key features Legislative process Solvency II implementation Conclusions 2 Solvency II: key features 3 Solvency II the basics Introduces

More information

Solvency II Conference. 29 November 2011

Solvency II Conference. 29 November 2011 Solvency II Conference 29 November 2011 Agenda Topic Opening Remarks Update on Solvency II Programme European Context and Local Perspective Overview of Pillar 1 Coffee Break Move to Breakout Rooms Breakout

More information

CEIOPS Advice for Level 2 Implementing Measures on Solvency II: Articles 120 to 126. Tests and Standards for Internal Model Approval

CEIOPS Advice for Level 2 Implementing Measures on Solvency II: Articles 120 to 126. Tests and Standards for Internal Model Approval CEIOPS-DOC-48/09 CEIOPS Advice for Level 2 Implementing Measures on Solvency II: Articles 120 to 126 Tests and Standards for Internal Model Approval (former Consultation Paper 56) October 2009 CEIOPS e.v.

More information

Quick Solvency II Technical Reporting Guide. Pillar 3: What, Who and When

Quick Solvency II Technical Reporting Guide. Pillar 3: What, Who and When Quick Solvency II Technical Reporting Guide illar 3: What, Who and When Contents Introduction 2 Solvency II in Brief 2 Who will be subject to Solvency II? 3 What are the Solvency II key requirements? 3

More information

1. INTRODUCTION AND PURPOSE

1. INTRODUCTION AND PURPOSE Solvency Assessment and Management: Pillar 1 - Sub Committee Capital Requirements Task Group Discussion Document 73 (v 2) Treatment of new business in SCR EXECUTIVE SUMMARY As for the Solvency II Framework

More information

10 November 2015. Leading business advisers. Solvency II Breakfast Briefing

10 November 2015. Leading business advisers. Solvency II Breakfast Briefing Solvency II Breakfast Briefing 10 November 2015 Leading business advisers Glenn Gillard - Partner Opening Remarks 2 Tax in Solvency II Nathan Powell Tax Director Solvency II Where tax fits in Free assets

More information

Own Risk and Solvency Assessment Within the Solvency II Framework and its Interplay with the Quantitative Solvency Capital Requirements

Own Risk and Solvency Assessment Within the Solvency II Framework and its Interplay with the Quantitative Solvency Capital Requirements Prof. Dr. Helmut Gründl and Prof. Dr. Jens Gal Own Risk and Solvency Assessment Within the Solvency II Framework and its Interplay with the Quantitative Solvency Capital Requirements Policy Letter Series

More information

Solvency II. Impacts on asset managers and servicers. Financial Services Asset Management. www.pwc.com/it

Solvency II. Impacts on asset managers and servicers. Financial Services Asset Management. www.pwc.com/it Financial Services Asset Management Solvency II Impacts on asset managers and servicers The Omnibus II proposal will amend the Solvency II Directive voted in 2009. It would probably defer full Solvency

More information

IMAP Independent Review Guidelines

IMAP Independent Review Guidelines IMAP Independent Review Guidelines Version 1: August 2011 Introduction Under the Solvency Assessment and Management (SAM) regime, insurers may calculate their Solvency Capital Requirement (SCR) using a

More information

Solvency II. 2012 guidance notes. February 2012

Solvency II. 2012 guidance notes. February 2012 Solvency II 2012 guidance notes February 2012 Contents Section 1 Page Introduction Purpose 3 2013 Capital Setting 3 Solvency II Implementation Date 3 FAP reviews A and follow up 4 Agent Ratings and Prudential

More information

Actuarial Discipline: Threat or Opportunity?

Actuarial Discipline: Threat or Opportunity? Actuarial Discipline: Threat or Opportunity? Risk and Investment Conference Brighton, 17 June 2013 Prof. Karel Van Hulle KU Leuven and Goethe University Frankfurt Actuarial Discipline The importance of

More information

SOLVENCY II ARE YOU READY AND COMPLIANT?

SOLVENCY II ARE YOU READY AND COMPLIANT? SOLVENCY II ARE YOU READY AND COMPLIANT? With 1 January 2016 fast approaching, companies have only a relatively short period of time to get ready for full Solvency II implementation. In advance of this,

More information

Solvency II. Solvency II implemented on 1 January 2016. Why replace Solvency I? To which insurance companies does the new framework apply?

Solvency II. Solvency II implemented on 1 January 2016. Why replace Solvency I? To which insurance companies does the new framework apply? Solvency II A new framework for prudential supervision of insurance companies 1 Solvency II implemented on 1 January 2016. 1 January 2016 marks the introduction of Solvency II, a new framework for the

More information

NOTICE 158 OF 2014 FINANCIAL SERVICES BOARD REGISTRAR OF LONG-TERM INSURANCE AND SHORT-TERM INSURANCE

NOTICE 158 OF 2014 FINANCIAL SERVICES BOARD REGISTRAR OF LONG-TERM INSURANCE AND SHORT-TERM INSURANCE STAATSKOERANT, 19 DESEMBER 2014 No. 38357 3 BOARD NOTICE NOTICE 158 OF 2014 FINANCIAL SERVICES BOARD REGISTRAR OF LONG-TERM INSURANCE AND SHORT-TERM INSURANCE LONG-TERM INSURANCE ACT, 1998 (ACT NO. 52

More information

Solvency II benchmarking survey

Solvency II benchmarking survey INSURaNce Solvency II benchmarking survey Life Insurers November 2011 kpmg.co.uk/solvencyii 2 SoLveNcy II benchmarking SURvey - LIfe INSUReRS SoLveNcy II benchmarking SURvey - LIfe INSUReRS 3 Contents

More information

ORSA for Insurers A Global Concept

ORSA for Insurers A Global Concept ORSA for Insurers A Global Concept Stuart Wason, FSA, FCIA, MAAA, CERA Senior Director, Actuarial Division Office of the Superintendent of Financial Institutions Canada (OSFI) Table of Contents Early developments

More information

Feedback on the 2012 thematic review of technical provisions

Feedback on the 2012 thematic review of technical provisions Feedback on the 2012 thematic review of technical provisions Introduction Background In late 2012 the FSA published a question bank 1 on Solvency II (SII) technical provisions for completion by general

More information

BERMUDA MONETARY AUTHORITY

BERMUDA MONETARY AUTHORITY BERMUDA MONETARY AUTHORITY INSURANCE SUPERVISION DEPARTMENT GUIDANCE NOTES STANDARDS AND APPLICATION FRAMEWORK FOR THE USE OF INTERNAL CAPITAL MODELS FOR REGULATORY CAPITAL PURPOSES - REVISED - September

More information

Preparing for Solvency II Time for asset managers and asset servicers to act. Thierry Flamand Partner Advisory & Consulting Deloitte

Preparing for Solvency II Time for asset managers and asset servicers to act. Thierry Flamand Partner Advisory & Consulting Deloitte Preparing for Solvency II Time for asset managers and asset servicers to act Thierry Flamand Partner Advisory & Consulting Deloitte Michael Cravatte Director Advisory & Consulting Deloitte The insurance

More information

Public reporting in a Solvency II environment

Public reporting in a Solvency II environment Public in a Survey report August 014 kpmg.co.uk 0 PUBLIC REPORTING IN A SOLVENCY ENVIRONMENT Contents Page 1 4 5 Introduction Executive Summary Public Disclosures 4 Changes to Financial Framework 11 KPMG

More information

COMMISSION DELEGATED DECISION (EU) / of 5.6.2015

COMMISSION DELEGATED DECISION (EU) / of 5.6.2015 EUROPEAN COMMISSION Brussels, 5.6.2015 C(2015) 3740 final COMMISSION DELEGATED DECISION (EU) / of 5.6.2015 on the provisional equivalence of the solvency regimes in force in Australia, Bermuda, Brazil,

More information

Solvency II. SUPERVISORY RePORTING & DISCLOSURE workshop. 15 & 16 May 2012. Lloyd s

Solvency II. SUPERVISORY RePORTING & DISCLOSURE workshop. 15 & 16 May 2012. Lloyd s Solvency II SUPERVISORY RePORTING & DISCLOSURE workshop 15 & 16 May 2012 1 Agenda Introduction Solvency II balance sheet Syndicate reporting templates and guidance Reporting Implementation Plan Table Discussion

More information

INSURANCE ACT 2008 CORPORATE GOVERNANCE CODE OF PRACTICE FOR REGULATED INSURANCE ENTITIES

INSURANCE ACT 2008 CORPORATE GOVERNANCE CODE OF PRACTICE FOR REGULATED INSURANCE ENTITIES SD 0880/10 INSURANCE ACT 2008 CORPORATE GOVERNANCE CODE OF PRACTICE FOR REGULATED INSURANCE ENTITIES Laid before Tynwald 16 November 2010 Coming into operation 1 October 2010 The Supervisor, after consulting

More information

Solvency II. PwC. *connected thinking. Internal models requirements and an example

Solvency II. PwC. *connected thinking. Internal models requirements and an example Solvency II Internal models requirements and an example *connected thinking PwC Solvency II introduced the possibility to use an internal model to estimate solvency capital requirements (SCR) No cherry-picking

More information

November 2010 Declan Lavelle Aidan O Donnell Daniel Pender David Roberts Dick Tulloch

November 2010 Declan Lavelle Aidan O Donnell Daniel Pender David Roberts Dick Tulloch The Solvency II ORSA Process November 2010 Declan Lavelle Aidan O Donnell Daniel Pender David Roberts Dick Tulloch TABLE OF CONTENTS 1.0 Introduction... 3 2.0 What is the ORSA?... 4 3.0 Interaction with

More information

Solvency II Reporting EIOPA consultation on Pillar 3 disclosures

Solvency II Reporting EIOPA consultation on Pillar 3 disclosures K November 2011 Solvency II Reporting EIOPA consultation on Pillar 3 disclosures Introduction On 8 November EIOPA released a public consultation document covering: Draft proposals on Quantitative ReportingTemplates;

More information

Newsletter. Solvency II update. Solvency II requirements published. 1. Further clarification on the Long-Term Guarantee Package;

Newsletter. Solvency II update. Solvency II requirements published. 1. Further clarification on the Long-Term Guarantee Package; www.pwc.lu/insurance www.pwc.lu/insurance Newsletter Solvency II update Solvency II requirements published Summary FS Regulatory Centre of Excellence 10 December 2013 On 25 November 2013 the Council of

More information

Internal Model Approval Process (IMAP) Contents of Application (CoA) Template. August 2011 Version 1.0

Internal Model Approval Process (IMAP) Contents of Application (CoA) Template. August 2011 Version 1.0 Internal Model Approval Process (IMAP) Contents of Application (CoA) Template August 2011 Version 1.0 C O N T A C T D E T A I L S Physical Address: Riverwalk Office Park, Block B 41 Matroosberg Road (Corner

More information

Preparing for ORSA - Some practical issues Speaker:

Preparing for ORSA - Some practical issues Speaker: 2013 Seminar for the Appointed Actuary Colloque pour l actuaire désigné 2013 Session 13: Preparing for ORSA - Some practical issues Speaker: André Racine, Principal Eckler Ltd. Context of ORSA Agenda Place

More information

Society of Actuaries in Ireland

Society of Actuaries in Ireland Society of Actuaries in Ireland Information and Assistance Note LA-1: Actuaries involved in the Own Risk & Solvency Assessment (ORSA) under Solvency II Life Assurance and Life Reinsurance Business Issued

More information

Supervisory Statement SS18/13. Recovery planning. December 2013. (Last updated 16 January 2015)

Supervisory Statement SS18/13. Recovery planning. December 2013. (Last updated 16 January 2015) Supervisory Statement SS18/13 Recovery planning December 2013 (Last updated 16 January 2015) Prudential Regulation Authority 20 Moorgate London EC2R 6DA Prudential Regulation Authority, registered office:

More information

Solvency II update and calendar

Solvency II update and calendar Solvency II update and calendar Marjan Trobina 02/06/2015, Madrid Copyright 2015 EIOPA Solvency II Regulatory framework The Solvency II Direc ve (Direc ve 2009/138/EC) was adopted in November 2009, and

More information

CONSULTATION PAPER CP 41 CORPORATE GOVERNANCE REQUIREMENTS FOR CREDIT INSTITUTIONS AND INSURANCE UNDERTAKINGS

CONSULTATION PAPER CP 41 CORPORATE GOVERNANCE REQUIREMENTS FOR CREDIT INSTITUTIONS AND INSURANCE UNDERTAKINGS CONSULTATION PAPER CP 41 CORPORATE GOVERNANCE REQUIREMENTS FOR CREDIT INSTITUTIONS AND INSURANCE UNDERTAKINGS 2 PROPOSAL 1.1 It is now widely recognised that one of the causes of the international financial

More information

Bermuda s Insurance Solvency Framework. The Roadmap to Regulatory Equivalence

Bermuda s Insurance Solvency Framework. The Roadmap to Regulatory Equivalence Bermuda s Insurance Solvency Framework The Roadmap to Regulatory Equivalence May 2012 Contents This publication provides details of the Authority s progress to date and planned initiatives in the regulatory

More information

Peer Reviews on Pre-application of Internal Models for NSAs and Colleges Final Report

Peer Reviews on Pre-application of Internal Models for NSAs and Colleges Final Report EIOPA-RP-13-096a 18 July 2013 Peer Reviews on Pre-application of Internal Models for NSAs and Colleges Final Report 1/17 Table of Contents 1. Introduction... 3 1.1 Reasons for the peer reviews... 3 1.2

More information

Opinion. of the European Insurance and Occupational Pensions Authority of 24 November 2014 on

Opinion. of the European Insurance and Occupational Pensions Authority of 24 November 2014 on EIOPA-BoS-14/120 24 November 2014 Opinion of the European Insurance and Occupational Pensions Authority of 24 November 2014 on Sound principles for Crisis Prevention, Management and Resolution preparedness

More information

ORSA Implementation Challenges

ORSA Implementation Challenges 1 ORSA Implementation Challenges Christopher Crombie, FSA, FCIA AVP ERM & Financial Risk Management Standard Life Assurance Company of Canada To CIA Annual Meeting June 21, 2013 2 Context Our Own Risk

More information

Checklist for Completing and Submitting Life Insurance Applications under the European Union (Insurance and Reinsurance) Regulations 2015

Checklist for Completing and Submitting Life Insurance Applications under the European Union (Insurance and Reinsurance) Regulations 2015 2015 Checklist for Completing and Submitting Life Insurance Applications under the European Union (Insurance and Reinsurance) Regulations 2015 Applicant Central Bank of Ireland Checklist Notes: Complete

More information

PRA Solvency II regulatory reporting industry working group - 19 December 2013

PRA Solvency II regulatory reporting industry working group - 19 December 2013 PRA Solvency II regulatory reporting industry working group - 19 December 2013 Industry attendee Representing PRA/Bank of England attendee Paul Appleton Lloyd s Giles Fairhead Chair Head of Department,

More information

Consultation Paper. on the proposal for. Guidelines. product oversight & governance arrangements by. insurance undertakings

Consultation Paper. on the proposal for. Guidelines. product oversight & governance arrangements by. insurance undertakings EIOPA-BoS-14/150 27 October 2014 Consultation Paper on the proposal for Guidelines on product oversight & governance arrangements by insurance undertakings EIOPA Westhafen Tower, Westhafenplatz 1-60327

More information

An update on QIS5. Agenda 4/27/2010. Context, scope and timelines The draft Technical Specification Getting into gear Questions

An update on QIS5. Agenda 4/27/2010. Context, scope and timelines The draft Technical Specification Getting into gear Questions A Closer Look at Solvency II Eleanor Beamond-Pepler, FSA An update on QIS5 2010 The Actuarial Profession www.actuaries.org.uk Agenda Context, scope and timelines The draft Technical Specification Getting

More information

Implementing the Bank Recovery and Resolution Directive response to CP13/14

Implementing the Bank Recovery and Resolution Directive response to CP13/14 Policy Statement PS1/15 Implementing the Bank Recovery and Resolution Directive response to CP13/14 January 2015 Prudential Regulation Authority 20 Moorgate London EC2R 6DA Prudential Regulation Authority,

More information

List of critical errors in internal models of insurance undertakings

List of critical errors in internal models of insurance undertakings List of critical errors in internal models of insurance undertakings Warsaw, 7 April 2015 Contents Contents... 2 Introduction... 3 USE TEST... 5 Critical error 1... 5 Critical error 2 (effective 1 January

More information

Solvency II and key considerations for asset managers

Solvency II and key considerations for asset managers 120 Solvency II and key considerations for asset managers Thierry Flamand Partner Insurance Leader Deloitte Luxembourg Xavier Zaegel Partner Financial Risks Leader Deloitte Luxembourg Sylvain Crepin Director

More information

Own Risk and Solvency Assessment

Own Risk and Solvency Assessment A closer look at Solvency II: The Actuary s role in the ORSA Visesh Gosrani, Barbara Illingworth Own Risk and Solvency Assessment 2010 The Actuarial Profession www.actuaries.org.uk Agenda Introduction

More information

Consultation on the Regulation of Chief Risk Officer roles under the Solvency II regime Part 2 - Detailed considerations

Consultation on the Regulation of Chief Risk Officer roles under the Solvency II regime Part 2 - Detailed considerations Consultation on the Regulation of Chief Risk Officer roles under the Solvency II regime Part 2 - Detailed considerations by the Regulation Board Publication Date: 23 December 2014 Closing date: 23 February

More information

Discussion Paper 08/4. Financial Services Authority. Insurance Risk Management: The Path To Solvency II

Discussion Paper 08/4. Financial Services Authority. Insurance Risk Management: The Path To Solvency II Discussion Paper 08/4 Financial Services Authority Insurance Risk Management: The Path To Solvency II September 2008 Contents 1 Introduction 3 2 Key messages for UK firms 7 3 Systems of governance (Pillar

More information

Solvency II New Framework for Risk Management Organisation. Dr. Maciej Sterzynski (Triglav Insurance, Ltd.) Matija Bitenc (Triglav Insurance, Ltd.

Solvency II New Framework for Risk Management Organisation. Dr. Maciej Sterzynski (Triglav Insurance, Ltd.) Matija Bitenc (Triglav Insurance, Ltd. Solvency II New Framework for Risk Management Organisation Dr. Maciej Sterzynski (Triglav Insurance, Ltd.) Matija Bitenc (Triglav Insurance, Ltd.) 1 AGENDA ð Understanding Solvency II ð Setting up Integrated

More information

The APRA Supervision Blueprint

The APRA Supervision Blueprint The APRA Supervision Blueprint May 2015 www.apra.gov.au Australian Prudential Regulation Authority Contents Introduction 3 Section 1: Principles and approach 4 APRA s mission and supervisory approach 4

More information

Risk management systems of responsible entities

Risk management systems of responsible entities Attachment to CP 263: Draft regulatory guide REGULATORY GUIDE 000 Risk management systems of responsible entities July 2016 About this guide This guide is for Australian financial services (AFS) licensees

More information

SCHEDULE TO INSURANCE GROUP SUPERVISION AMENDMENT RULES 2015 SCHEDULE 3 (Paragraph 30) SCHEDULE OF FINANCIAL CONDITION REPORT OF INSURANCE GROUP [blank] name of Parent The schedule of Financial Condition

More information