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Solvency II

Learning-on-the-Go

Sovency IIIn October 2010, Deloitte gave a Learning-on-the-Go presentation about the ORSA. Since then, new guidance has been published and the development of the ORSA has moved to the next maturity state. Still there are many different views on what the ORSA should look like. Different departments have different ideas on what framework should be used and what should be the main focus.

In 2011, the DNB organized an ORSA pilot for the Dutch insurance market. The main conclusions were that the ORSA is comprehensive and that for a proper ORSA several repetitions are needed.

In the end of 2012, DNB organizes a new ORSA exercise called 'de generale repetitie'.

All the more reason to organize a new learning session about the ORSA. The learning session will take place on:

Date: 26 September 2012
Time: 14:30 - 17:00
Location: Deloitte Den Haag, Schenkkade 47, Den Haag

Register
If you wish to register for the September 26 session, please reply on this email by clicking on the following link: Register to Learning-on-the-Go: ORSA

If you wish to stay informed about future learning sessions or if you wish to receive any additional information, please contact Mieke Nijland mnijland@deloitte.nl or Zeno Deurvorst zdeurvorst@deloitte.nl.

   

Capital Management – May 22 2012
With a view on Rotterdam and beyond on the top floor of the Maastoren in Rotterdam, challenges and opportunities regarding capital management were presented. Furthermore, tax implications of different capital management techniques were discussed. The session was concluded by a market example of investing in subordinated dept, presented by ‘Insurance Regulatory Capital’.

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Kapitaalmanagement
   

Risk Mitigating Actions – April 11 2012
Unlike Solvency I, Solvency II requires a risk based calculation of risk capital (SCR). The prescribed methodology (the Standard Formula) gives room for lowering the SCR by using certain risk mitigating actions. Not only the possible reduction in SCR from a ‘calculation background’, but also tax implications were highlighted. During this session, the restrictions and opportunities of several risk mitigating actions were discussed. RGA concluded the presentation with a practical example of using reinsurance to increase the solvency of the balance sheet.

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Risico Mitigerende Acties
   

Model Validation – February 1 2012
Solvency II introduces a new method for calculating regulatory capital. On top of this, supervision is much more strict when it comes down to the model documentation and validation, especially when applying for an internal model. What are the key subjects that need to be covered when validating a model and what requirements are set for the model validation team?

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Model Validatie
   

Data Management – December 7 2011
According to Solvency II, data used should be accurate, complete and appropriate. But what does that mean? And how can you set up processes to ensure that this is the case for each component in the calculation and reporting process? Furthermore, efficient data cleaning techniques, based on mathematical and econometric principles, were presented.

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Data Management
   

External Reporting – October 5 2011
Season 2011 – 2012 started off with pillar III of Solvency II: External Reporting. The presentation gave an overview of necessary reporting processes, and the changes that Solvency II brings to different types of reporting. Furthermore, in succession of the IFRS 4 session of the 6th of September 2010, a detailed comparison between the current IFRS reporting and Solvency II requirements were outlined.

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Externe Rapportage
   

Asset Management – June 6 2011
The final topic of last seasons’ Learning-on-the-Go training sessions was about the impact of Solvency II on asset management. The shifts in capital requirement of several asset classes by Solvency II were summarized. In cooperation with Robeco, possible opportunities to reduce the capital requirement of assets under Solvency II were outlined.

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Asset Management
   

Model Practice in a Solvency II framework – March 28 2011
The introduction of Solvency II introduces more strict requirements to the models used for calculation of the technical provisions and capital requirements. Therefore, Deloitte performed a second Global Model Practice Survey in which 89 different companies participated. One of the key findings presented during the learning session was the poor auditability and vulnerability of Excel used in modeling. SecondFloor presented their reporting solution in which spreadsheets can be used in a robust, transparent and auditable environment.

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Model Practice in een Solvency II raamwerk
   

Governance, Risk & Compliance – 19 januari 2011
“If everything seems under control, you're not going fast enough” – Mario Andretti. Samen met BWise, een bedrijf dat zich richt op governance, risico en compliance (GRC) software, presenteerde Deloitte praktische oplossingen voor data en IT issues, gecreëerd door goverance, risico en IT uitdagingen die Solvency II met zich meebrengt. Onderwerpen als risicomanagement & controls, kapitaalmanagement en enterprise risk management werden besproken tijdens deze sessie

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Governance, Risk & Compliance
   

Pillar II & ORSA – October 13 2010
Back to Solvency II. During this session, the focus was on the second pillar of Solvency II. Both the level I and level II regulations of Solvency II gave little grip on the ORSA process which was introduced in the framework directive. Therefore, bringing together the opinion of Deloitte and several insurance companies, who are all struggling with this new continuous assessment, was an essential step in the process of awareness of the ORSA.

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Pilaar II & ORSA
   

IFRS 4 phase II – September 6 2010
During our third session, we made a small sidestep to the recent developments in IFRS for the insurance industry. With the exposure draft on IFRS 4 phase II that had just come out, more direction was given to the developments of the IFRS 4 regulation. During this session, a summary of the impact of the exposure draft on accounting was presented. Similarities and differences between the FASB and IASB were outlined. Also differences with the Solvency II regulations were highlighted.

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IFRS 4 fase II
   

Technical Provisions – July 26 2010
As a follow up on the session about QIS5, we presented the changes of the QIS5 specifications in the calculation methodology of the technical provisions. Subjects as the calculation process of the best estimate, product segmentation, future premiums, simplification and the calculation of the risk margin were addressed.

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Technische Voorzieningen
   

Quantitative Impact Study 5 – June 21 2010
The first learning sessions was about QIS5. The impact of the newly published technical notes on the SCR for different risks modules was discussed by presenting a clear summary of the most important specifications. During this session, detailed actuarial discussions were held.

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Quantitative Impact Study

 

Contacts

Name:
Zeno Deurvorst
Company:
Deloitte
Job Title:
Phone:
+31 (0)88 288 5382
Email
ZDeurvorst@deloitte.nl
Name:
Mieke Nijland
Company:
Deloitte
Job Title:
Phone:
+31 (0)88 288 5994
Email
MNijland@deloitte.nl

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