Certified Solvency ii Professional CSiiP Preparing for the Solvency ii Directive of the EU - Prep Course 3 days

Training Provided by Compliance LLC 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, and to promote best practices and international standards that align with business and regulatory requirements. The course provides with the skills needed to pass the Certified Solvency ii Professional (CSiiP) exam. 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. They will prove that they are qualified, when they pass the Certified Solvency ii Professional (CSiiP) exam. This course is recommended for senior managers and executives involved in risk and compliance.

Certified Solvency ii Professional CSiiP Preparing for the Solvency ii Directive of the EU - Prep Course 3 days PART A: 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
Overview of the Solvency I framework
From Solvency I to Solvency II


PART B: 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)
The Standard Approach
The Internal Model

Pillar 2 and Supervisory Control
Focus on Risk Management and Operational Risk

Pillar 3 and Risk Disclosure Requirements

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
Quantitative Impact Studies (QISs)
Principles Based challenges


PART C: THE SOLVENCY II DIRECTIVE

Proposal for a Directive on the taking-up and pursuit of the business of Insurance and Reinsurance (SOLVENCY II) - Brussels, 10. 7.2007
Amended Proposal for a Directive on the taking-up and pursuit of the business of Insurance and Reinsurance (SOLVENCY II) (recast) - Brussels, 26. 2.2008
Scope of the Application
Supervisory Authorities and General Rules

Quantitative Requirements
Valuation of Assets and Liabilities
Technical Provisions
Solvency Capital Requirement
Solvency Capital Requirement Standard Formula
Internal Models
Minimum Capital Requirement
Group Supervision
Implementation Measures

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
Definitions

Group supervision: Definitions, Cases of Application, Scope and Levels
Supervision of Group Solvency
Responsibility of the Administrative or Management Body

System of Governance
General Governance Requirements
Risk Management
Own Risk and Solvency Assessment
Internal Control
Internal Audit
Actuarial Function
Outsourcing

Professional Secrecy, and Exchanges of Information and Promotion of Supervisory Convergence
Obligation
Cooperation Agreements with Third Countries
Exchange of Information Between Competent Supervisory Authorities of Member States
Cooperation Agreements with Third Countries
Use of Confidential Information
Duties of the Auditors
Life Insurance Activity

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

Information for Policyholders
Non-life insurance
Life insurance
Policy Conditions

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
Article 263: Parent Undertakings Outside the Community - Verification of Equivalence
Article 264: Parent Undertakings Outside the Community - Absence of Equivalence
Article 265: Parent Undertakings Outside the Community - Levels
Article 266: Cooperation with Third Countries Supervisory Authorities
Small and Medium-Sized Insurers: The Proportionality Principle



PART D: 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
Competent Authorities
Supervision of Branches Established in Another Member State
Duties of Auditors
Rules Relating to the Solvency Margin and to the Guarantee Fund
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
Provisions that Enable the Equivalence of a Third-Country Solvency Regime to be Assessed.
Committee Procedure - The European Insurance and Occupational Pensions Committee
Reinsurance Supervision in the EU
Transposition


PART E: THE TECHNICAL MEASURES AND THE INTERPRETATIONS
Solvency II Key Players
Committee of European Insurance and Occupational Pension Supervisors (CEIOPS)
European Insurance and Pension Committee (EIOPS)
CEA (Comit Europ en des Assurances) - the European Insurance and Reinsurance Federation.
The International Association of Insurance Supervisors (IAIS)
Chief Risk Officer Forum (CRO Forum)
National Regulators
The Lamfalussy Process: From Level 1 to Level 3
EIOPC - The Level 2 Committee
CEIOPS - The Level 3 Committee
Level 4 Challenges
Is COSO ERM (Enterprise Risk Management) Suitable for Solvency ii?


PART F: 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
Solvency ii, the Reinsurance Directive and the Offshore Financial Centers (OFCs)
Solvency ii, the Reinsurance Directive and the USA
The US National Association of Insurance Commissioners (NAIC) - the Organization of State Insurance Regulators


PART G: CLOSING
The Impact of Solvency ii
Translating Complex Rules Into Daily Activities
Comparing and Contrasting Basel II and Solvency II
What They Have in Common
The Differences
Tomorrow

About The Training Provider: Compliance LLC

More Solvency ii Training from Compliance LLC

• Certified Solvency ii Equivalence Professional - Preparing for Equivalence with the Solvency ii Directive of the EU
• Solvency ii Training and Presentations