Solvency II – Insurance, Reinsurance, bancassurance

Solvency II – Insurance, Reinsurance, bancassurance

This 2-day course will describe the Solvency II Directive as it applies to EU countries. The course will not only set out the contents of Solvency II but will provide guidance as to what insurance firms should be doing now to prepare themselves for this important change in financial regulation. 

Ciele

After attending this course a course attendee will be able to:

  • Describe the main provisions of the existing EU regulations governing solvency margins for insurance firms;
  • Explain the changing business, economic and policy context that is driving the regulations;
  • Discuss objectively the current proposals for Solvency II and their effect on his or her own firm;
  • Apply the knowledge gained through the course to help develop plans for the integration of the new regulations into his or her firm’s compliance strategy;
  • Analyse the potential impacts on his or her firm of becoming compliant with the emerging regulations of Solvency II;
  • Synthesise alternative compliance strategies that could be appropriate as a response to the new regulations arising from Solvency II;
  • Evaluate the alternative Compliance strategies to recommend those most suited to the needs of the firm.

Účastníci

Risk Directors and Risk Managers from commercial banks and insurance companies, Chief Risk Officers, Finance Directors, Legal Advisors, Chief Operating Officers, Management Consultants, Operations Managers, Strategic Planners, Business Directors and Managers, Compliance Officers, Capital Managers, Project Managers, Operational Risk Specialists Auditors

Obsah seminára

  • Session 1: Solvency: Concepts and Regulations
    • Concept of solvency
    • Solvency I/ICAS
    • Solvency II
    • 3-Pillar architecture
    • Consolidation of existing regulations
    • New additions and the Lamfalussy Model
    • CEIOPS and EIOPA
  • Session 2: Solvency II Overview
    • Economic context and trends
    • Goals and objectives
    • Scope
    • Economic capital
    • Stronger risk management
    • Economic benefits
    • Policy context in the EU
    • Relationship with international accounting standards
  • Session 3: Solvency II Project
    • Capital adequacy
    • Risk types
    • Traditional project disciplines
    • Involving the key players
    • Main project phases
  • Session 4: Pillar 1 - Quantitative
    • Economic capital
    • Covariance matrix methodology
    • Solvency capital requirement (SCR)
    • Minimum capital requirement (MCR)
    • Data management
    • Calculating the SCR
      • Standardised approach
      • Internal models
      • Partial Internal models
    • Quantitative Impact Studies
    • QIS5
    • Supervisory intervention
  • Session 5: Pillar 2 - Qualitative
    • Enterprise risk management
    • Gap Analysis
    • Own Risk and Solvency Assessment (ORSA)
    • Use Test
    • P & L Attribution
    • Validation
    • Risk Model Governance
    • Documentation.
  • Session 6: Risk Management
    • Risk modelling
      • Assets, threats, impacts and vulnerabilities
      • Severity and frequency of events
      • Stochastic risk modelling techniques
      • Risk mitigation and control
    • Risk appetite and key risk indicators
    • Risk registers
    • Outsourcing
    • End User Computing and spreadsheets
    • Supervisory review process
    • Internal Model Approval Process (IMAP)
    • Role of the Compliance Department and compliance monitoring approaches
  • Session 7: Pillar 3 – Reporting
    • Capital Tiers 1- 3
    • Disclosure requirements
    • Report to Supervisors (RTS)
    • Public disclosure – Solvency and Financial Condition Report (SFCR)
    • Supervision implications for insurance firms
  • Session 8: Wider Industry Considerations
    • Relationship to banking regulation
    • Lessons from the Credit Crisis
    • The European Insurance Market
    • Solvency II Winners and Losers
    • Anticipated changes in the insurance sector, post Solvency II implementation
    • Product line implications, post Solvency II implementation
    • Group regulation
    • Supervisory co-operation

Lektori

John Webb, FCCA, having mastered the Solvency II European Directive, leads the Solvency II financial services team comprised of risk management and risk systems specialists, financial modellers, internal auditors, compliance and regulatory experts, project managers with Basel II three Pillars implementation experience and individuals with first-hand Solvency II project experience in major UK insurance organisations. His ability to determine the business drivers, that is, the reduction of the capital charge to the business, whilst meeting regulatory requirements. 

Garant

Ing. Monika Kovácsová
 02/5787 3538