14/15 May 2014 in Paris
Solvency II for Non-Life Actuaries
Organised by the EAA - European Actuarial Academy GmbH in cooperation with the Institut des Actuaires.
Solvency II will apply starting from 1/1/16 and hence will require all insurers to prepare for the upcoming tasks. On November 13th agreement on the details of the Omnibus II Directive, including the treatment of “long term guarantees” (LTG), was finally reached between the trialogue parties (European Parliament, European Council and the European Commission).
The trialogue agreement follows publication of EIOPA’s final preparatory guidelines on 31 October 2013 after the consultation exercise in spring 2013. This introduces a number of areas for National Competent Authorities (NCAs) to progress with their (re)insurers until Solvency II will be fully applicable.
Important key dates for Solvency II are as follows:
25 February 2014: European Parliament Plenary vote on Omnibus IISpring 2014: Omnibus II published in Official Journal“Near final” Delegated Acts likely to be availableAugust 2014: Commission proposes Delegated Acts, subject to “3+3” approval/ rejection by Council/ Parliament31 March 2015: Transposition of Solvency II / Omnibus II by Member StatesApril 2015: Supervisory approvals begin (e.g. internal model)1 January 2016: Application of Solvency II
This seminar will focus on Pillar 1, 2 and 3 topics of Solvency II that relate particularly to non-life insurance business. It will start by providing an overview of non-life related topics for each Pillar and then move towards covering the details with regard to non-life Technical Provisions, elements of the SCR, USPs, Actuarial Function, ORSA and conclude on topics relating to reporting in QRTs, RSR and SFCR. All sessions will be a combination of lectures, short case studies/ group works and in particular will focus on pragmatic and practical solutions to the requirements that will be presented.
Purpose and Nature
The aim of this seminar is to provide participants with an overview of practical solutions and examples to approach the key areas of Solvency II that relate to non-life insurance business. After this seminar, participants should be able to identify and approach the key challenges to progress with regard to Solvency II compliance in their organisation.
Key Topics Pillar 1:
Pillar 1 for Non-Life Insurers • Overview on Pillar 1 - Regulatory requirements / challenges for technical provisions and SCR
Non-Life Technical Provisions – Outstanding Claims Provision • Best estimate claims reserving under Solvency II • Special topics in best estimate claims reserving - in particular validation / variation analysis
Non-Life Technical Provisions – Premium Provision • Concept of premium provision under Solvency II• Calculation methods for premium provision
Non-Life SCR and Undertaking Specific Parameters (USPs) • Overall Non-Life SCR - in particular cat helper tab • USPs for Reserve Risk and Premium Risk
Key Topics Pillar 2:
Pillar 2 for Non-Life Insurers • Overview on Pillar 2 - Regulatory requirements / challenges for Governance and FLAOR (ORSA)
Governance – Actuarial Function • Overview and Non-Life Specific Aspects Actuarial Function• Actuarial Function Report template incl.: - Overall structure/content of Actuarial Function report - Specific examples for sections on Technical Provisions, Opinion to Underwriting, Opinion to reinsurance, Contribution to Risk Management
FLAOR (ORSA) • Overview and Non-Life Specific Aspects FLAOR (ORSA)• Standard Formula Suitability Assessment for a non-life insurer• Stress and Scenario Testing for non-life insurer incl. case study • Balance sheet and SCR projection methods for non-life insurer incl. case study
Key Topics Pillar 3:
Pillar 3 for Non-Life Insurers • Overview on Pillar 3 - Regulatory requirements / challenges for QRTs, RSR and SFCR
QRTs • Introduction to non-life relevant QRTs • Analysis and presentation of specific examples
SFCR / RSR • Overall structure/ content of RSR and SFCR • Content to individual sections within reports, e.g. - Actuarial Function - Fit and Proper - Risk profile
Dr Nader RazoukNader Razouk is a Manager at Ernst & Young and works in the actuarial service practice. The majority of his projects are in the area of Solvency II in particular around Pillar 1 (Standard - and Internal Models), Pillar 2 (e.g. Actuarial Function and ORSA implementation) and in particular the IMAP implementation. He currently supports a major international insurance Group in its implementation of the Actuarial Function and Internal Model Approval Process. Since 2010, Nader regularly lectures on seminars of the German Actuarial Academy (DAA).
Marc LindeMarc Linde works in the risk management department of Provinzial Rheinland Group at Düsseldorf, where he is co-responsible for Solvency II implementation. Prior to joining Provinzial Rheinland, Marc had worked for Ernst & Young and EMB Deutschland. He has a broad experience in Solvency II-related topics for non-life insurers. Marc regularly lectures on seminars of the German Actuarial Academy (DAA).
Dirk Grönke Dirk Grönke is a Senior Manager at Ernst & Young in the actuarial service practice. He leads Solvency II projects across all pillars for more than 8 years. His focus is around Pillar 2 (ORSA, risk management) and Pillar 3 (e.g. QRTs). Currently, he supports several insurance groups in their pillar 3 implementation. Dirk is Certified Enterprise Risk Actuary (CERA) and has lectured in seminars for the European Actuarial Academy (EAA) as well as for the German Actuarial Academy (DAA).
Venue & Accommodation
The seminar will take place at the hotel
Mercure Paris La Villette216 Avenue Jean Jaurès75019 Paris, FranceHotel website
SUPERIOR Sponsor of the Seminar