Solvency II

Actuarial and Regulatory Compliance Services


Overview  

  • Solvency II is a Europe-wide insurance regulatory regime that is to be enforced on 1 January 2013
  • Under Solvency II, insurers  are required to hold a common level of risk-based regulatory capital and will have to demonstrate that they have sound risk management and compliance functions in place
  • Capital is based on an assessment of all key risks to produce a "Solvency Capital Requirement" (SCR) through calculation of a consistent approach to the valuation of assets and liabilities
  • The default method of calculating the SCR is the European Standard Formula. The QIS5 exercise is the final and most comprehensive road test of Solvency II and insurers in Greece are required by regulators to complete this exercise.
  • To ensure success, firms need to address data quality, systems and processes and overall risk governance and disclosure requirements; embedding the new regime into the business model requires significant amount of time, investment and skilled resources.

 

Our experience and expertise
We have extensive experience in actuarial, risk, and capital management disciplines to assist companies with Solvency II challenges. Our actuarial team is part of our European actuarial network and has strong industry knowledge and experience in both the life and non-life sectors.  Our actuarial network maintains close links to the Solvency II Committee, the European Commission, and national regulators across Europe which enables us to keep abreast of industry and regulatory developments.

Our deep understanding of the Solvency II regulatory framework means that we are able to help insurance companies address complex business issues and comply with the new regulatory regime efficiently. 


How can we add value to your business?

Training

  • We provide professional training to help companies establish a clear and integrated understanding of the current Solvency II regime, and its impact on their company’s business model.
  • We organise workshops and training sessions for companies so that Board members, senior management and key personnel have a clear understanding of the  Solvency II and QIS5 requirements; are able to identify implications and common drivers of inefficiencies; and recognise opportunities to obtain a competitive advantage.

Review & Assessment

  • Our local team of actuaries review   QIS5 submissions against specifications and assess the methodology underlying the calculation of the balance sheet inputs.
  • We assist companies in assessing the robustness of their business processes and ensure compliance with Solvency II standards.

Implementation
Our team of actuaries and risk experts carry out gap analysis projects, QIS implementation exercises, and various actuarial calculations.  We design and implement robust systems that enhance effective risk management and compliance reporting under the new regulatory regime.


Our team can also provide effective project management support across all elements of Solvency II transition phase.