Solvency ii Training and Presentations
from the Solvency ii Association
the largest Association
of Solvency ii Professionals in the world
First Certified Course: Implementation of the Solvency ii
Directive
in the countries of the European Economic Area
Course Title
Preparing for the Solvency ii Directive of the EU
(3 days)
Objectives:
This course has been
designed to provide with the knowledge and skills needed to
understand and support compliance with the Solvency ii Directive
of the European Union.
Target Audience:
This course
is intended
for managers, professionals and consultants that want to
understand the Solvency ii requirements and work in Solvency ii
compliance projects.
This course is
recommended
for senior managers and executives involved in risk and
compliance.
About the
Course
INTRODUCTION
The European Union’s Legislative Process. Directives and
Regulations
The Financial Services Action Plan (FSAP) of the EU
Solvency ii and the Lamfalussy Process
Level 1: Framework Principles
Level
2: Implementation of Principles. Detailed Technical Measures
Level 3: Strengthening Cooperation Among Regulators
Level 4:
Enforcement
From Solvency I to Solvency II
Solvency II Key Players
OVERVIEW OF THE SOLVENCY II DIRECTIVE
Solvency ii: An
Overview
A Risk Based
Approach
A Unified Legislative Basis for Prudential Regulation
of Insurers and Reinsurers
Risk-Based Capital Allocation
Pillar 1:
The Financial Resources Needed to be Considered Solvent
The
Solvency Capital Requirement (SCR)
The Standard Approach
The
Internal Model
The Collection of Additional Historical Data
External Data
The IT Challenge
The Minimum Capital
Requirement (MCR)
Pillar
2 and the Supervisory Review
Process
Own Risk and Solvency Assessment (ORSA)
ORSA as an
internal assessment process
ORSA as a supervisory tool
The
role of the ORSA - not a third solvency capital requirement
Pillar 3
and the Disclosure Requirements
Solvency and Financial
Condition Report
THE
SOLVENCY II DIRECTIVE
Scope of the Application
Authorisation
Discussing some important definitions
General principles of
supervision
Home vs. Host
country
Information to be provided for supervisory purposes
Capital Add-on
System of
Governance
General Governance
Requirements
Risk Management
Internal Controls
Internal
Audit
Actuarial Function
Outsourcing
Own Risk and
Solvency Assessment
Own Risk and Solvency Assessment and CEIOPS
Public Disclosure
Professional Secrecy and Exchanges of Information
Agreement
with Third Countries
Rules Relating to the Valuation of Assets and Liabilities,
Technical Provisions, Own Funds, Solvency Capital Requirement,
Minimum Capital Requirement and Investment Rules
Valuation of Assets and Liabilities
Calculation of Technical
Provisions
Recoverables from Reinsurance Contracts and Special
Purpose Vehicles
Own Funds
Determination, Classification,
Eligibility of Own Funds
Solvency Capital Requirement
Requirement Using the Standard Formula or an Internal Model
Value-at-Risk
The SCR and the Value-at-Risk Measure Calibrated
to a 99.5% Confidence Level over a 1-year Time Horizon.
Calculation of the Solvency Capital Requirement
Structure of
the Standard Formula
Design of the Basic Solvency Capital
Requirement
Capital requirement for operational risk
Full and Partial Internal Models
Calculation of the Minimum Capital Requirement
Insurance and
Reinsurance Undertakings in Difficulty or in an Irregular
Situation
Identification and Notification of Deteriorating
Financial Conditions by the Insurance and Reinsurance Undertaking
Non-Compliance with the Solvency Capital Requirement
Non-Compliance with the Minimum Capital Requirement
Supervisory
Powers in Deteriorating Financial Conditions
Withdrawal of
authorisation
Right of
Establishment and Freedom to Provide Services
Conditions for Branch Establishment
Branches Established Within
the Community and Belonging to Insurance or Reinsurance
Undertakings whose Head Offices are Outside the Community
Principles and Conditions of Authorisation
Equivalence
Subsidiaries of Insurance and Reinsurance Undertakings Governed by
the Laws of a Third Country and Acquisitions of Holdings by such
Undertakings
Third-Country Treatment of Community Insurance
and Reinsurance Undertakings
Supervision of Insurance and
Reinsurance Undertakings in a Group
Group Supervision: Definitions, Cases of Application, Scope and
Levels
Supervision of Group Solvency
Choice of Calculation
Method and General Principles
Choice of Method
Related
Insurance and Reinsurance Undertakings
Intermediate Insurance
Holding Companies
Related Third-Country Insurance and
Reinsurance Undertakings
Related Credit Institutions,
Investment Firms and Financial Institutions
Calculation methods
Method 1 (Default method): Accounting Consolidation-Based Method
Group Internal Model
Method 2 (Alternative Method): Deduction
and Aggregation
Third countries
Parent Undertakings Outside the Community - Verification of
Equivalence
Parent Undertakings Outside the Community -
Absence of Equivalence
Parent Undertakings Outside the
Community - Levels
Cooperation with Third Countries
Supervisory Authorities
THE REINSURANCE
DIRECTIVE
Directive
2005/68/EC of 16 November 2005 on Reinsurance
Reinsurance,
Captive Reinsurance Undertakings, Finite Reinsurance
Authorisation
Principles and Methods of Financial Supervision
Supervision of Branches Established in Another Member State
Special Purpose Vehicles
Third Countries
Transposition
THE SOLVENCY II
DIRECTIVE AND THE NON-EEA COUNTRIES
Solvency ii, the
Reinsurance Directive and Countries of the European Economic Area
and outside the European Economic Area
The Federal Insurance Office created
under the Dodd-Frank Wall Street Reform and Consumer Protection
Act in the USA, and the ORSA in the USA
CLOSING
The Impact of
Solvency ii
Translating Complex Rules Into Daily
Activities
Comparing and Contrasting Basel II and
Solvency II
The Differences
What is next
The Level 2 -
Technical measures
Solvency ii: A risk that can become an
opportunity
Second Certified Course: Implementation of the Solvency ii
Directive
in the countries outside the European Economic Area
Course Title
Preparing for Equivalence with the Solvency ii Directive of the
European Union
Understanding the Solvency ii directive of the EU and the
extraterritorial application
to non-EU countries (3 days)(3 days)
Objectives:
This course has been designed to
provide with the knowledge and skills needed to understand the
Solvency ii and the Reinsurance directives of the EU, and their
extraterritorial application to non-EU countries.
Target Audience:
Many non-EEA
countries have announced significant enhancements to their
solvency and disclosure regulations for insurance, to achieve
recognition as having equivalent regulatory standards to those in
Europe’s Solvency II Directive.
This course is
intended for managers, professionals
and consultants working in countries outside the EEA, that want to
understand the Solvency ii Equivalence requirements.
This
course is intended for managers,
professionals and consultants working in groups whose parent is
located in a third country, providing insurance services in the
EEA (their EEA subsidiaries meet the requirements imposed by
Solvency II).
This course is recommended
for senior managers and executives of non-EEA countries involved
in risk and compliance.
About the Course
INTRODUCTION
The European Union’s Legislative
Process
Directives and Regulations
The Financial Services Action Plan
(FSAP) of the EU
Solvency ii and the Lamfalussy Process
Level 1: Framework Principles
Level 2: Implementation of
PrinciplesDetailed Technical Measures
Level 3: Strengthening Cooperation
Among Regulators
Level 4: Enforcement
From Solvency I to Solvency II
Solvency II Key Players
OVERVIEW OF THE
SOLVENCY II DIRECTIVE
Solvency ii: An
Overview
A Risk Based Approach
A Unified Legislative Basis for
Prudential Regulation of Insurers and Reinsurers
Risk-Based Capital Allocation
Pillar 1:
The Financial Resources Needed to be Considered Solvent
The Solvency Capital Requirement (SCR)
The Standard Approach
The Internal Model
The Collection of Additional Historical
Data
External Data
The IT Challenge
The Minimum Capital Requirement (MCR)
Pillar 2
and the Supervisory Review Process
Own Risk and Solvency Assessment (ORSA)
ORSA as an internal assessment process
ORSA as a supervisory tool
The role of the ORSA - not a third
solvency capital requirement
Pillar 3
and the Disclosure Requirements
Solvency and Financial Condition
Report
THE SOLVENCY II
DIRECTIVE
Scope of the Application
Authorisation
Discussing some important definitions
General
principles of supervision
Home vs. Host country
Information to
be provided for supervisory purposes
Capital Add-on
System of Governance
General Governance Requirements
Risk Management
Internal
Controls
Internal Audit
Actuarial Function
Outsourcing
Own Risk and Solvency
Assessment
Own Risk and Solvency
Assessment and CEIOPS/EIOPA
Public Disclosure
Professional
Secrecy and Exchanges of Information
Agreement with Third
Countries
Rules Relating to the
Valuation of Assets and Liabilities, Technical Provisions, Own
Funds, Solvency Capital Requirement, Minimum Capital Requirement
and Investment Rules
Valuation of Assets and Liabilities
Calculation of Technical Provisions
Recoverables from
Reinsurance Contracts and Special Purpose Vehicles
Own Funds
Determination, Classification, Eligibility of Own Funds
Solvency Capital Requirement
Requirement Using the Standard Formula or an Internal Model
Value-at-Risk
The SCR and the Value-at-Risk Measure Calibrated
to a 99.5% Confidence Level over a 1-year Time Horizon
Calculation of the Solvency Capital Requirement
Structure of
the Standard Formula
Design of the Basic Solvency Capital
Requirement
Capital requirement for operational risk
Full
and Partial Internal Models
Calculation of the Minimum Capital
Requirement
Insurance and Reinsurance
Undertakings in Difficulty or in an Irregular Situation
Identification and Notification of Deteriorating Financial
Conditions by the Insurance and Reinsurance Undertaking
Non-Compliance with the Solvency Capital Requirement
Non-Compliance with the Minimum Capital Requirement
Supervisory
Powers in Deteriorating Financial Conditions
Withdrawal of
authorisation
SOLVENCY II, GROUP
SUPERVISION AND THIRD COUNTRIES
Right of Establishment and
Freedom to Provide Services
Conditions for Branch Establishment
Branches Established Within the
Community and Belonging to Insurance or Reinsurance Undertakings
whose Head Offices are Outside the Community
Principles and Conditions of
AuthorisationEquivalence
Subsidiaries of Insurance and
Reinsurance Undertakings Governed by the Laws of a Third Country
Third-Country Treatment of Community
Insurance and Reinsurance Undertakings
Supervision of Insurance and
Reinsurance Undertakings in a Group
Group
Supervision: Definitions, Cases of
Application, Scope and Levels
Supervision of Group Solvency
Choice of Calculation Method and
General Principles
Choice of Method
Related Insurance and Reinsurance
Undertakings
Intermediate Insurance Holding
Companies
Related Third-Country Insurance and
Reinsurance Undertakings
Related Credit Institutions, Investment
Firms and Financial Institution
Calculation
methods
Method 1 (Default method): Accounting
Consolidation-Based Method
Group Internal Model
Method 2 (Alternative Method):
Deduction and Aggregation
Third countries
Parent Undertakings Outside the
Community - Verification of Equivalence
Parent Undertakings Outside the
Community - Absence of Equivalence
Parent Undertakings Outside the
Community - Levels
Cooperation with Third Countries
Supervisory Authorities
THE REINSURANCE
DIRECTIVE
Directive 2005/68/EC of 16 November
2005 on ReinsuranceReinsurance, Captive Reinsurance Undertakings,
Finite Reinsurance
AuthorisationP
rinciples and Methods of Financial
Supervision
Supervision of Branches Established in
Another Member State
Special Purpose Vehicles
Third CountriesTransposition
THE SOLVENCY II
DIRECTIVE AND THE NON-EEA COUNTRIES
Solvency ii, the Reinsurance Directive
and Countries outside the European Economic Area
The International Association of
Insurance Supervisors (IAIS) Defines a (Similar to Solvency ii) 3
Pillar Approach to Supervision
The Swiss Solvency Test (SST) and
Solvency ii: The basic principles are identical
Solvency ii, the Reinsurance Directive
and the Offshore Financial Centers (OFCs)
Case Studies
Solvency ii, the Reinsurance Directive
and the USA
The US National Association of
Insurance Commissioners (NAIC) - the Organization of State
Insurance Regulators and Solvency ii
The Dodd Frank Act in the USA
The Federal Insurance Office created
under the Dodd-Frank Wall Street Reform and Consumer Protection
Act in the USA, and the ORSA in the USA
Solvency ii and Regulatory Arbitrage
CLOSING
The Impact of Solvency ii outside the
EEA
The risk for major Offshore Financial
Centers - for the countries and the firms
The risk for third country reinsurance
undertakings, captives, and holding companies
Solvency ii: A risk that can become an
opportunity
The course can be tailored to meet
specific needs
The Solvency ii Association has signed an exclusive worldwide partner
agreement with Solvency II Training Ltd,
Level 33, 25 Canada Square, Canary Wharf, London E14 5LQ,
Tel:
+44 (0) 207 060 3312,
Fax: +44 (0) 207 681 3317.
All the instructor-led classes
that lead to the CSiiP and the CSiiEP certificates will be organized
by the Solvency II Training Ltd. We do not offer distance learning
programs.
For further information or to
register for one of our Solvency II training courses, please contact:
Ross Fenwick, Managing Partner,
Solvency II Training Ltd,
Tel:
+44 (0) 207 060 3312,
Fax: +44 (0) 207 681 3317,
Email:
info@solvencyiitraining.eu
,
Web:
www.solvencyiitraining.eu
|