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Welcome to the Solvency II Association
the largest association of Solvency ii Professionals in the
world
Dear Solvency ii Professional,
The Solvency II directive is often called
"The Risk and Compliance Managers' Full
Employment Act". It is not difficult to understand why.
Insurance and reinsurance firms compete with regulatory agencies
to hire hundreds
of qualified
professionals.
There is a simple reason for that:
The new fit and proper requirements.
In Article 42 of the Solvency II Directive we read:
Article 42
Fit and proper
requirements for persons who effectively run the undertaking or have
other key functions
1. Insurance and reinsurance
undertakings shall ensure that all
persons who effectively run the undertaking or have other key
functions meet at all times the following requirements:
(a) their professional
qualifications, knowledge and experience are adequate to enable
sound and prudent management (fit);
(b) they are of good repute and
integrity (proper).
2. Insurance and reinsurance
undertakings shall notify
the
supervisory authority of any changes to the identity of the
persons who effectively run the undertaking or are responsible for
other key functions, along with all information needed to assess
whether any new persons appointed to manage the undertaking are fit
and proper.
3. Insurance and reinsurance undertakings shall
notify their supervisory authority if any
of the persons mentioned in paragraphs 1 and 2 have been
replaced because they no longer fulfil the requirements referred to
in paragraph 1.
CEIOPS - Advice
for Level 2 Implementing Measures on Solvency II: System of
Governance:
The provisions of Article 42(1) apply to
all persons who effectively run the
undertaking. These are not limited to the members of the
administrative, management or supervisory body, but could include
other persons such as senior managers.
The other “key
functions” are those considered critical or important in the system
of governance and include at least the risk management, the
compliance, the internal audit and the actuarial functions.
Other functions may be considered key
functions according to the nature, scale and complexity of an
undertaking’s business or the way it is organised.
Undertakings shall notify the supervisory authority which persons
effectively run the undertaking and which, if any, other key
function holders are identified for the undertaking.
In
addition to the qualifications that enable them to discharge their
duties in their specific areas of responsibility, the members of the
administrative, management or supervisory body should, collectively,
be able to provide for the sound and prudent management of the
undertaking.
In order to ensure that all persons subject to Article 42 are
proper and have the professional qualifications, knowledge and
experience necessary to competently discharge their
responsibilities, the undertaking needs to have in place appropriate
documented policies and processes for assessing fitness and
propriety.
Solvency II requires
four functions to be established
as part of an undertaking’s system of governance.
These
functions are:
• Risk management
• Compliance
• Internal audit
• Actuarial
Insurers need to demonstrate that
they have sufficient in-house expertise or access to such expertise.
In order to safeguard the interests of policyholders and
beneficiaries, insurance companies must be managed soundly and
prudently. In this respect it is essential that individuals in key
positions do not pose a risk to the interests of the insurance
company or its shareholders, e.g. through conflict of interests,
inadequate knowledge of the business of insurance or through
criminal activity.
Minimum standards are therefore set
concerning the fitness and propriety of corporate officers who
occupy key management positions.
Insurers need to demonstrate that these
persons are adequately qualified and proper to do their jobs.
This is the reason insurers and reinsurers compete to hire
qualified professionals, and Solvency ii is often called "The Risk
and Compliance Managers' Full Employment Act"
Insurers and
reinsurers headquartered outside the EU ('third-country insurers')
are also affected. Solvency ii includes specific rules for branches
of direct insurers headquartered outside the EU which are similar to
those applied to branches of insurers headquartered within the EU.
Many non-EU countries try hard to become Solvency ii
Equivalent. Equivalence assessments aim to ensure that the third
country regulatory and supervisory regimes provide a similar level
of policyholder/beneficiary protection as the one provided under the
Solvency II Directive.
In case of a positive equivalence
determination Member States are required to treat reinsurance
contracts concluded with undertakings having their head office in
the third country whose regime has been deemed equivalent, in the
same manner as reinsurance contracts concluded with an undertaking
which is authorised under the Solvency II Directive.
In case
of a positive equivalence determination Member States shall not
require the localisation within the Community of assets held to
cover the technical provisions covering risks situated in the
Community, nor assets representing reinsurance recoverables.
This is the
reason Solvency ii is often called "The Risk and Compliance
Managers' Full Employment Act" even for firms headquartered outside
the EU.
Dear Solvency ii Professional,
The Solvency II Association has established the
Solvency II Speakers Bureau
for firms and organizations that want to access the expertise of
Certified Solvency ii Professionals (CSiiPs) and Certified Solvency
ii Equivalence Professionals (CSiiEPs).
The Solvency II
Association will be the liaison between our certified professionals
and these organizations, at no cost. We strongly believe that this
can be a great opportunity for both, our certified professionals and
the organizers.
To learn more:
www.solvency-ii-association.com/Solvency_II_Speakers_Bureau.html
We have a lot of things to do. We have to learn, to know each
other, to help each other. We have to be fit and proper at all
times.
Become a Certified
Solvency ii Professional (CSiiP) and provide independent evidence
that you understand the Solvency II framework. This certificate can
play an important role in the efforts to satisfy the fit and proper
requirements of the directive.
Membership in the
Solvency ii Association indicates that you are someone who cares,
learns, and belongs to a global community of risk and compliance
management professionals.
At every stage of your education,
training and career, our association provides networking, training,
certification, information and services you can use.
Membership is free.
Join us. Keep current. Take advantage of
the new opportunities. Read our monthly newsletter. Get certified.
Best Regards,
George Lekatis
President
of the Solvency ii Association
General Manager and Chief Compliance Consultant, Compliance LLC
1200 G Street NW Suite 800, Washington DC 20005, USA
Tel: (202) 449-9750
Email:
lekatis@solvency-ii-association.com
Web:
www.solvency-ii-association.com
HQ: 1220 N. Market Street Suite 804,
Wilmington DE 19801, USA
Tel: (302) 342-8828
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www.solvency-ii-association.com/Reading_Room.htm
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www.solvency-ii-association.com/Certified_Solvency_ii_Professional.pdf
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THE TEXT OF THE SOLVENCY II
DIRECTIVE IN AN EASY TO READ
FORMAT
The Solvency ii Association has signed an exclusive worldwide partner
agreement with Solvency II Training Ltd,
so the Association will provide
Solvency II Training classes worldwide only in cooperation with Solvency II
Training Ltd.
Solvency II Training Ltd is a niche training
consultancy, specialising in the provision of Solvency II training
programs to organisations & individuals within the European Union
(EU), European Economic Area (EEA) & Non-EEA Countries, including the
Offshore Financial Centres (OFCs).
For Further Information or to
Register for one of our Solvency II Training courses contact:
Solvency II Training Ltd.
Level 33, 25 Canada Square
Canary Wharf, London E14 5LQ
Tel:
+44 (0) 207 060 3312
Fax: +44 (0) 207 681 3317
Email:
info@solvencyiitraining.eu
Web:
www.solvencyiitraining.eu
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