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Provided by: Compliance LLC Solvency ii Training and Presentations |
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Course Title
Preparing for the Solvency ii and the Reinsurance directives: Implementation and Compliance Training
Objectives:
The seminar has been designed to provide with the knowledge and skills needed to understand and support compliance with both, the Solvency ii and the Reinsurance directives
Target Audience:
This course is intended for managers and professionals from:
* Compliance
* Legal
* Risk Management
* Internal Audit
* Errors and omissions avoidance
* Clients
* Advisers
* Underwriters
* IT
* Risk and Management Consultants
This course is recommended for the directors, managers and professionals who not only require a clear understanding of Solvency ii and the Reassurance directives, but also want to discuss how to use these obligations as opportunities and competitive advantage.
Duration:
3 Days, 09:00 to 17:00
Course Synopsis:
Introduction - From Solvency i to Solvency ii
*
The current Solvency I framework and the calculation of capital requirements
*
Too simple, no risk sensitive
*
Differences across Europe
*
Lessons learned from 2002 2003 and from insurance company failures
*
Need for better risk management
Solvency ii: An Overview
*
DIRECTIVE / /EC of [ ] on the taking-up and pursuit of the business of Insurance and Reinsurance
*
General rules on the taking-up and pursuit of direct insurance and reinsurance
*
Subject matter, scope and definitions
*
Scope and exclusions from scope
*
Non-life, life, reinsurance
*
Authorisation
*
Supervisory authorities and powers
*
Group supervision: Definitions, cases of application, scope and levels
*
Supervision of group solvency
*
Public disclosure
*
Report on solvency and financial condition
*
Competencies of the supervisory authorities of the host member state
*
Insurance and reinsurance undertakings in difficulty or in an irregular situation
Right of establishment and freedom to provide services
*
Provisions specific to non-life insurance
*
Provisions specific to life insurance
Solvency ii: Corporate Governance
*
Responsibility of the administrative or management body
*
System of governance
*
General governance requirements
*
Risk management
*
Own risk and solvency assessment
*
Internal control
*
Internal audit, duties of auditors
*
Pursuit of life and non-life insurance activity
*
Separation of life and non-life insurance management
*
Risk management and internal control
*
Mixed-activity insurance holding companies
*
Intra-group transactions
Solvency Capital Requirement, valuation and calculations
*
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
*
Own funds
*
Determination and classification of own funds
*
Solvency Capital Requirement
*
Requirement using the standard formula or an internal model
*
Calculation of the solvency capital requirement
*
Value-at-risk measure, with a 99.5% confidence level, over a one year period
*
Capital requirement for operational risk
*
Minimum capital requirement
*
Calculation of the basic solvency capital requirement
*
Calculation of the non-life underwriting risk module
*
Calculation of the life underwriting risk module
*
Calculation of the special health underwriting risk module
*
Calculation of the market risk module
Solvency ii and 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
Final provisions and Transposition
The Reinsurance Directive: An overview
*
Directive 2005/68/EC of 16 November 2005 on reinsurance
*
Reinsurance, Captive Reinsurance Undertakings, Finite Reinsurance
*
Authorisation
*
Principles and methods of financial supervision
*
Competent authorities
*
Supervision of branches established in another Member State
*
Duties of auditors
*
Rules relating to the solvency margin and to the guarantee fund
*
Required solvency margin for non-life reinsurance activities
*
Required solvency margin for life reassurance activities
*
Reinsurance undertakings in difficulty or in an irregular situation and withdrawal of authorisation
*
Special purpose vehicles
*
Reinsurance undertakings not complying with the legal provisions
*
Principle and conditions for conducting reinsurance business
*
Third countries
*
Committee procedure - The European Insurance and Occupational Pensions Committee
*
Reinsurance supervision in the EU
*
Calculation of the adjusted solvency of insurance undertakings and reinsurance undertakings
*
Transposition
Solvency ii - The Interpretations
*
The Lamfalussy Process
*
From Level 1 to Level 2
*
EIOPC - The Level 2 Committee
*
CEIOPS - The Level 3 Committee
*
Level 4 challenges
Insurance and Reinsurance in the EEA and the World
*
Solvency ii, the Reinsurance Directive and countries of the European Economic Area
*
Solvency ii, the Reinsurance Directive and countries outside the European Economic Area
*
Solvency ii, the Reinsurance Directive and the Offshore Financial Centers (OFCs)
*
Solvency ii, the Reinsurance Directive and the USA
Solvency ii and the Reinsurance Directive, and other Directives
Tomorrow
The course can be tailored to meet specific needs
Our Policy
Fixed fees, fixed terms. You know the exact final cost. Everything is included in this price (expenses, flights, tax etc.). There is no exception you know exactly the cost. Consulting or training, it will never cost more.
Example: For George Lekatis, General Manager and Chief Compliance Consultant of Compliance LLC.
Fee for Training: US$ 13,800 for 3 days (and $ 2,000 for each additional day) - final cost (any place in Europe, Asia or America, for teams from 2 to 50). This fee includes tax, expenses, hotels, flights, everything.
For other trainers the fee may be different.
Preparing for the Solvency ii and the Reinsurance directives: Implementation and Compliance Training
Objectives:
The seminar has been designed to provide with the knowledge and skills needed to understand and support compliance with both, the Solvency ii and the Reinsurance directives
Target Audience:
This course is intended for managers and professionals from:
* Compliance
* Legal
* Risk Management
* Internal Audit
* Errors and omissions avoidance
* Clients
* Advisers
* Underwriters
* IT
* Risk and Management Consultants
This course is recommended for the directors, managers and professionals who not only require a clear understanding of Solvency ii and the Reassurance directives, but also want to discuss how to use these obligations as opportunities and competitive advantage.
Duration:
3 Days, 09:00 to 17:00
Course Synopsis:
Introduction - From Solvency i to Solvency ii
*
The current Solvency I framework and the calculation of capital requirements
*
Too simple, no risk sensitive
*
Differences across Europe
*
Lessons learned from 2002 2003 and from insurance company failures
*
Need for better risk management
Solvency ii: An Overview
*
DIRECTIVE / /EC of [ ] on the taking-up and pursuit of the business of Insurance and Reinsurance
*
General rules on the taking-up and pursuit of direct insurance and reinsurance
*
Subject matter, scope and definitions
*
Scope and exclusions from scope
*
Non-life, life, reinsurance
*
Authorisation
*
Supervisory authorities and powers
*
Group supervision: Definitions, cases of application, scope and levels
*
Supervision of group solvency
*
Public disclosure
*
Report on solvency and financial condition
*
Competencies of the supervisory authorities of the host member state
*
Insurance and reinsurance undertakings in difficulty or in an irregular situation
Right of establishment and freedom to provide services
*
Provisions specific to non-life insurance
*
Provisions specific to life insurance
Solvency ii: Corporate Governance
*
Responsibility of the administrative or management body
*
System of governance
*
General governance requirements
*
Risk management
*
Own risk and solvency assessment
*
Internal control
*
Internal audit, duties of auditors
*
Pursuit of life and non-life insurance activity
*
Separation of life and non-life insurance management
*
Risk management and internal control
*
Mixed-activity insurance holding companies
*
Intra-group transactions
Solvency Capital Requirement, valuation and calculations
*
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
*
Own funds
*
Determination and classification of own funds
*
Solvency Capital Requirement
*
Requirement using the standard formula or an internal model
*
Calculation of the solvency capital requirement
*
Value-at-risk measure, with a 99.5% confidence level, over a one year period
*
Capital requirement for operational risk
*
Minimum capital requirement
*
Calculation of the basic solvency capital requirement
*
Calculation of the non-life underwriting risk module
*
Calculation of the life underwriting risk module
*
Calculation of the special health underwriting risk module
*
Calculation of the market risk module
Solvency ii and 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
Final provisions and Transposition
The Reinsurance Directive: An overview
*
Directive 2005/68/EC of 16 November 2005 on reinsurance
*
Reinsurance, Captive Reinsurance Undertakings, Finite Reinsurance
*
Authorisation
*
Principles and methods of financial supervision
*
Competent authorities
*
Supervision of branches established in another Member State
*
Duties of auditors
*
Rules relating to the solvency margin and to the guarantee fund
*
Required solvency margin for non-life reinsurance activities
*
Required solvency margin for life reassurance activities
*
Reinsurance undertakings in difficulty or in an irregular situation and withdrawal of authorisation
*
Special purpose vehicles
*
Reinsurance undertakings not complying with the legal provisions
*
Principle and conditions for conducting reinsurance business
*
Third countries
*
Committee procedure - The European Insurance and Occupational Pensions Committee
*
Reinsurance supervision in the EU
*
Calculation of the adjusted solvency of insurance undertakings and reinsurance undertakings
*
Transposition
Solvency ii - The Interpretations
*
The Lamfalussy Process
*
From Level 1 to Level 2
*
EIOPC - The Level 2 Committee
*
CEIOPS - The Level 3 Committee
*
Level 4 challenges
Insurance and Reinsurance in the EEA and the World
*
Solvency ii, the Reinsurance Directive and countries of the European Economic Area
*
Solvency ii, the Reinsurance Directive and countries outside the European Economic Area
*
Solvency ii, the Reinsurance Directive and the Offshore Financial Centers (OFCs)
*
Solvency ii, the Reinsurance Directive and the USA
Solvency ii and the Reinsurance Directive, and other Directives
Tomorrow
The course can be tailored to meet specific needs
Our Policy
Fixed fees, fixed terms. You know the exact final cost. Everything is included in this price (expenses, flights, tax etc.). There is no exception you know exactly the cost. Consulting or training, it will never cost more.
Example: For George Lekatis, General Manager and Chief Compliance Consultant of Compliance LLC.
Fee for Training: US$ 13,800 for 3 days (and $ 2,000 for each additional day) - final cost (any place in Europe, Asia or America, for teams from 2 to 50). This fee includes tax, expenses, hotels, flights, everything.
For other trainers the fee may be different.
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Training
Provided by Compliance LLC
Solvency ii Training and Presentations
Solvency ii and Basel ii: So similar, yet so different. The implementation of the Solvency II regime can benefit greatly from the experience and lessons learned during the Basel II projects in the world.
It is true that Basel II, being a minimum harmonisation framework, made a number of simplifications and compromises. Solvency II intents to become a maximum harmonisation framework, and this means that we will have less freedom and more instructions for the implementation.
Basel II only covers only some risks, like Credit Risk, Market Risk and Operational Risk within Pillar I. Solvency II covers much more risks.
Basel II covers carefully the asset side, and almost ignores the liability side of a bank. In the insurance sector the liabilities are too important to ignore.
Implementing Basel II, Credit Risk, Internal approaches, we understand that they are not internal at all. In fact banks have to determine some parameters only, like the Probability of Default (PD), the Loss Given Default (LGD) and the Exposure of Default (EAD). Solvency II allows a full internal approach - something much better and much more difficult.
Solvency ii and Basel ii: Compliance means quantification. In Solvency ii we have the Minimum Capital Requirement (MCR) and the Solvency Capital Requirement (SCR) that is based on a Value-at-Risk measure calibrated to a 99.5 confidence level over a 1-year time horizon. It covers all risks and takes full account of reinsurance and securitisation. We can use the European Standard Formula or an Internal Model.
Reinsurance allows direct insurance undertakings have a higher underwriting capacity and reduce their capital costs. It plays a very important role in the global financial system. The interaction of the Reinsurance Directive with Solvency ii is a very important part of this presentation.
It is true that Basel II, being a minimum harmonisation framework, made a number of simplifications and compromises. Solvency II intents to become a maximum harmonisation framework, and this means that we will have less freedom and more instructions for the implementation.
Basel II only covers only some risks, like Credit Risk, Market Risk and Operational Risk within Pillar I. Solvency II covers much more risks.
Basel II covers carefully the asset side, and almost ignores the liability side of a bank. In the insurance sector the liabilities are too important to ignore.
Implementing Basel II, Credit Risk, Internal approaches, we understand that they are not internal at all. In fact banks have to determine some parameters only, like the Probability of Default (PD), the Loss Given Default (LGD) and the Exposure of Default (EAD). Solvency II allows a full internal approach - something much better and much more difficult.
Solvency ii and Basel ii: Compliance means quantification. In Solvency ii we have the Minimum Capital Requirement (MCR) and the Solvency Capital Requirement (SCR) that is based on a Value-at-Risk measure calibrated to a 99.5 confidence level over a 1-year time horizon. It covers all risks and takes full account of reinsurance and securitisation. We can use the European Standard Formula or an Internal Model.
Reinsurance allows direct insurance undertakings have a higher underwriting capacity and reduce their capital costs. It plays a very important role in the global financial system. The interaction of the Reinsurance Directive with Solvency ii is a very important part of this presentation.
About The Training Provider: Compliance LLC
Compliance LLC - Compliance LLC is a leading provider of risk and compliance training, executive coaching and consulting in 36 countries.
You may find all the necessary information at
www. compliance-llc. com
Distance Learning and Online Certification:
compliance-llc. com/ Distance_Learning_Online_Certification. htm
Compliance LLC, Areas of expertise:
Risk and Compliance Training
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