preparing for solvency ii

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1、LushanNaidooMiriamBellPreparingforSolvencyII19November2009CONFIDENTIAL

2、www.oliverwyman.comAgendaExecutiveSummaryWhySolvencyII?Structure–threepillarapproachRiskManagementOwnRiskandSolvencyAssessment(ORSA)ImplementingSIICaseStudyNextStepsQuestionsExecutivesummaryTheprinciples

3、ofSolvencyIIhavealreadybeenagreedandthetechnicaldetailsarecurrentlybeingdebatedPlannedtotakeeffectfrom31October2012SIIisnotjustatechnicalcomplianceexerciseforactuaries,butariskmanagementtooltobeownedandimplementedbytheBoardandseniormanagementTobeSIIreadywithinthenextthreeye

4、arsrequiresaconsiderableamountofwork,andcompaniesshouldhavealreadystartedtheirimplementationprogrammesWhySolvencyII?Section2Setthroughtwodirectivesinthe1970sArules-basedframework:Combinationofminimumcapitallevels,restrictionson“risky”activitiesandtightregulatorycontrolTheso

5、lvencymarginisbasedonaprescriptiveformulaappliedtothetechnicalreservesandvalueatriskValuationofassetsandliabilitiesisnotbasedonamarket-consistentapproachbutratheronconservativeestimatesSupervisionbasedonconfidentialinformationanddiscreet“guidance”Solvencyrequirementsarebase

6、donfactorswhichdonotreflectthesociety’sriskprofileMarginforprudenceintheliabilityvaluationisnotprescribedandvariesbetweensocietiesDeterminedusinglocalstatutoryaccountsRestrictiveMaximumadmittedexposuretocertainassetclassesInconsistenttreatmentbetweenEUcountriesCurrentSolve

7、ncyIframework……anditsshortcomingsIntroduced30yearsago,SolvencyIisnowoutdatedandnotappropriateforthecurrentmarketcomplexityImproveprotectionofferedtomembersIntroducerisk-based,marketconsistentapproachtosolvencycapitalassessmentEncourageandincentivisesocietiestounderstandandm

8、anagetheirrisksEnsureconsistencybetweenfinancialmarkets(inlinewithBaselII)EstablishconsistentandcomparableregulatoryframeworkacrosstheEUEnhancedtransparencyandpublicdisclosureMeasureofsolvencywhichisdirectlylinkedtotheriskprofileofthesocietyRecognitionofriskmitigationtools,

9、subjecttospecifiedprinciplesSocietiesarerewardedforgoodriskmanagementandcontrolsTo