B.
Certified Solvency ii Equivalence Professional (CSiiEP): Preparing
for Equivalence with the Solvency ii Directive of the EU -
Prep Course (3 days)First Certified Course:
Course Title
Certified Solvency ii Professional (CSiiP):
Preparing for the Solvency ii Directive of the EU (3 days)
Objectives:
This course has been designed to provide with the knowledge and
skills needed to understand and support compliance with the
Solvency ii Directive of the European Union.
Target Audience:
This course is intended for decision makers,
managers, professionals and consultants that:
A. Work in Insurance or Reinsurance firms of EEA countries.
B. Work in Groups - Financial Conglomerates (FC), Financial
Holding Companies (FHC), Mixed Financial Holding Companies (MFHC),
Insurance Holding Companies (IHC) - providing insurance and/or
reinsurance services in the EEA, whose parent is located in a
country of the EEA.
C. Want to understand the challenges and the opportunities after
the Solvency ii Directive.
This course is highly recommended for
supervisors of EEA countries that want to understand how
countries see Solvency II as a Competitive Advantage.
This course is recommended for all decision
makers, managers, professionals and consultants of insurance
and/or reinsurance firms involved in risk and compliance
management.
About the Course
INTRODUCTION ·The
European Union’s Legislative Process·Directives
and Regulations·The
Financial Services Action Plan (FSAP) of the EU·
Extraterritorial Application of European Law·
Extraterritorial Application of the Solvency II Directive·Solvency ii
and the Lamfalussy Process·Level 1:
Framework Principles·Level 2:
Detailed Technical Measures·Level
3: Strengthening Cooperation Among Regulators·Level
4: Enforcement·Weaknesses
of Solvency I·From
Solvency I to Solvency II·Solvency
ii Players·Solvency
ii Objectives
THE SOLVENCY II DIRECTIVE·A Unified
Legislative Basis for Prudential Regulation of Insurers and
Reinsurers·Risk-Based
Capital Allocation·Scope of
the Application·Important
Definitions·
Value-at-Risk in Solvency II·
Authorisation·Corporate
Governance·Governance
Functions·Risk
Management·Corporate
Governance and Risk Management - Level 2 ·Fit and
proper requirements for persons who effectively run the
undertaking or have other key functions·Internal
Controls·Internal
Audit·Actuarial
Function·Outsourcing·Board of
Directors: Role and Solvency ii Responsibilities·12
Principles – System of Governance (Level 2)
PILLAR 2·Supervisory
Review Process (SRP)·Focus on
Risk Management and Operational Risk·Own Risk
and Solvency Assessment (ORSA)·ORSA - The
Internal Assessment Process·ORSA - The
Supervisory Tool·ORSA - Not
a Third Solvency Capital Requirement·Capital
add-on
PILLAR 3 ·Disclosure
Requirements·The
Solvency and Financial Condition Report (SFC)
PILLAR I·Valuation
Of Assets And Liabilities Technical Provisions·The
Solvency Capital Requirement (SCR)·The
Value-at-Risk Measure Calibrated to a 99.5% Confidence Level over
a 1-year Time Horizon·The
Standard Approach·The
Internal Models·The
Collection of Additional Historical Data·External
Data·The
Minimum Capital Requirement (MCR)·
Non-Compliance with the Minimum Capital Requirement·
Non-Compliance with the Solvency Capital Requirement·Own Funds·Investment
Rules
INTERNAL MODEL APROVAL·CEIOPS
Level 2 - Tests and Standards for Internal Model Approval·CEIOPS
Level 2 - The procedure to be followed for the approval of an
internal model·Internal
Models Governance·Group
internal models·Statistical
quality standards·Calibration
and validation standards·
Documentation standards
SOLVENCY II, GROUP SUPERVISION AND THIRD COUNTRIES·Solvency I:
Solo Plus Approach·Group
Supervision under Solvency II·Rights and
duties of the group supervisor·Group
Solvency - Methods of calculation·Method 1
(Default method): Accounting consolidation-based method·Method 2
(Alternative method): Deduction and aggregation method·Parent
Undertakings Outside the Community - Verification of Equivalence·Parent
Undertakings Outside the Community - Absence of Equivalence·The head of
the group is in the EEA and the third country regime is not
equivalent·The head of
the group is in the EEA and the third country regime is equivalent·The head of
the group is outside the EEA and the third country is not
equivalent·The head of
the group is outside the EEA and the third country regime is
equivalent·Small and
Medium-Sized Insurers: The Proportionality Principle·Captives
and Solvency II
EQUIVALENCE WITH SOLVENCY II AROUND THE WORLD ·Solvency ii
and Countries outside the European Economic Area·The
International Association of Insurance Supervisors (IAIS) ·The Swiss
Solvency Test (SST) and Solvency ii: ·Solvency ii
and the Offshore Financial Centers (OFCs)·Solvency ii
and the USA·Solvency ii
and the US National Association of Insurance Commissioners (NAIC)
FROM THE REINSURANCE DIRECTIVE TO THE SOLVENCY II DIRECTIVE·Directive
2005/68/EC of 16 November 2005 on Reinsurance - The Reinsurance
Directive (RID)
CLOSING
·The Impact
of Solvency ii Outside the EEA·Providing
Insurance Services to the European Client·Competing
with Banks·Learning
from the Basel ii Framework·Regulatory
Arbitrage: A Major Risk for Countries that see Compliance as an
Obligation, not an Opportunity·Basel II,
Solvency II and Regulatory Arbitrage·Challenges
and Opportunities: What is next·Regulatory
Shopping after Solvency IITo learn more
about the online exam you may visit:
www.solvency-ii-association.com/CSiiP_CSiiEP_Frequently_Asked_Questions.pdf
www.solvency-ii-association.com/CSiiP_CSiiEP_Certification_Steps.pdfSecond Certified Course:
Course Title
Certified
Solvency ii Equivalence
Professional (CSiiEP):
Preparing for
Equivalence with the
Solvency ii Directive of the EU
(3 days)
Overview
Many non-EEA countries have announced significant enhancements to
their solvency and disclosure regulations for insurance and
reinsurance, to achieve recognition as having equivalent regulatory
regime and standards to those described in the Solvency II
Directive.
Objectives:
This course has been designed to provide with the knowledge and
skills needed to understand the Solvency ii
Directive of the EU, and the extraterritorial application to
non-EU countries.
Target Audience:
This course is intended for decision makers, managers,
professionals and consultants that:
A. Work in Groups - Financial Conglomerates (FC), Financial
Holding Companies (FHC), Mixed Financial Holding Companies (MFHC),
Insurance Holding Companies (IHC) - providing insurance and/or
reinsurance services in the EEA, whose parent is located in a
non-EEA country.
B. Work in Groups - Financial Conglomerates (FC), Financial
Holding Companies (FHC), Mixed Financial Holding Companies (MFHC),
Insurance Holding Companies (IHC) - which include European
Insurance or Reinsurance Subsidiaries and/or Branches.
C. Work in countries outside the EEA and want to understand not
only the Solvency II Equivalence requirements, but also the
challenges and the opportunities after the Solvency ii Directive.
This course is highly recommended for supervisors of non-EU
countries that want to understand how countries see Solvency II as
a Competitive Advantage.
This course is highly recommended for decision makers, managers,
professionals and consultants of insurance and/or reinsurance
firms, living in non-EEA countries, involved in risk and
compliance management.
About the Course
INTRODUCTION ·The
European Union’s Legislative Process·Directives
and Regulations·The
Financial Services Action Plan (FSAP) of the EU·Equivalence
with the Directives of the European Union: An Overview·Why
Equivalence?·
Extraterritorial Application of European Law·Case Study
1: European Savings Tax Directive (ESD)·Case Study
2: The 8th Company Law Directive on Statutory Audit·
Extraterritorial Application of the Solvency II Directive·Solvency
ii and the Lamfalussy Process·Level
1: Framework Principles·Level
2: Detailed Technical Measures·Level
3: Strengthening Cooperation Among Regulators·Level
4: Enforcement·Weaknesses
of Solvency I·From
Solvency I to Solvency II·Solvency
ii Players·Solvency
ii Objectives
THE SOLVENCY II DIRECTIVE·A Unified
Legislative Basis for Prudential Regulation of Insurers and
Reinsurers·Risk-Based
Capital Allocation·Scope of
the Application·Important
Definitions·
Value-at-Risk in Solvency II·
Authorisation·Corporate
Governance·Governance
Functions·Risk
Management·Corporate
Governance and Risk Management - Level 2 ·Fit and
proper requirements for persons who effectively run the
undertaking or have other key functions·Internal
Controls·Internal
Audit·Actuarial
Function·Outsourcing·Board of
Directors: Role and Solvency ii Responsibilities·12
Principles – System of Governance (Level 2)
PILLAR 2·Supervisory
Review Process (SRP)·Focus on
Risk Management and Operational Risk·Own Risk
and Solvency Assessment (ORSA)·ORSA - The
Internal Assessment Process·ORSA - The
Supervisory Tool·ORSA - Not
a Third Solvency Capital Requirement·Capital
add-on
PILLAR 3 ·Disclosure
Requirements·The
Solvency and Financial Condition Report (SFC)
PILLAR I·Valuation
Of Assets And Liabilities Technical Provisions·The
Solvency Capital Requirement (SCR)·The
Value-at-Risk Measure Calibrated to a 99.5% Confidence Level over
a 1-year Time Horizon·The
Standard Approach·The
Internal Models·The
Collection of Additional Historical Data·External
Data·The
Minimum Capital Requirement (MCR)·
Non-Compliance with the Minimum Capital Requirement·
Non-Compliance with the Solvency Capital Requirement·Own Funds·Investment
Rules
INTERNAL MODEL APROVAL·CEIOPS
Level 2 - Tests and Standards for Internal Model Approval·CEIOPS
Level 2 - The procedure to be followed for the approval of an
internal model·Internal
Models Governance·Group
internal models·Statistical
quality standards·Calibration
and validation standards·
Documentation standards
SOLVENCY II, GROUP SUPERVISION AND THIRD COUNTRIES·Solvency I:
Solo Plus Approach·Group
Supervision under Solvency II·Dominant
influence and significant influence - the new challenges·
Identification and Appointment of the Group Supervisor·
Professional Secrecy, and Exchanges of Information and Promotion
of Supervisory Convergence·Supervisory
Colleges - The Challenge for non-EU countries, and the Opportunity
for Extraterritorial Application of European Law·Cooperation
Agreements with Third Countries·Use of
Confidential Information·Rights and
duties of the group supervisor·Group
Solvency - Methods of calculation·Method 1
(Default method): Accounting consolidation-based method·Method 2
(Alternative method): Deduction and aggregation method·Parent
Undertakings Outside the Community - Verification of Equivalence·Parent
Undertakings Outside the Community - Absence of Equivalence·The head of
the group is in the EEA and the third country regime is not
equivalent·The head of
the group is in the EEA and the third country regime is equivalent·The head of
the group is outside the EEA and the third country is not
equivalent·The head of
the group is outside the EEA and the third country regime is
equivalent·Small and
Medium-Sized Insurers: The Proportionality Principle·Captives
and Solvency II·Own funds
in undertakings located in non-EEA countries·Right of
Establishment and Freedom to Provide Services·Conditions
for Branch Establishment·Branches
Established Within the Community and Belonging to Insurance or
Reinsurance Undertakings whose Head Offices are Outside the
Community·Principles
and Conditions of Authorisation Equivalence·
Subsidiaries of Insurance and Reinsurance Undertakings Governed by
the Laws of a Third Country and Acquisitions of Holdings by such
Undertakings
EQUIVALENCE WITH SOLVENCY II AROUND THE WORLD ·Solvency ii
and Countries outside the European Economic Area·The
International Association of Insurance Supervisors (IAIS) ·The Swiss
Solvency Test (SST) and Solvency ii: ·Solvency ii
and the Offshore Financial Centers (OFCs)·Solvency ii
and the USA·Solvency ii
and the US National Association of Insurance Commissioners (NAIC)
SOLVENCY II AND SPECIAL PURPOSE ENTITIES·Special
Purpose Vehicles - Solvency II Definition and Structure·The scope
of authorisation·
Pre-authorisation process·Supervisory
responsibilities·National
Discretions ·Supervisory
questions·SPVs used
by more than one undertaking·Intra-group
SPVs·Special
Purpose Vehicles and Capital Relief·Mandatory
conditions·Principle 1
– Fully Funded·Principle 2
– Investors have a subordinated claim on SPV assets·Principle 3
– Prudent person·Principle 4
– Effective risk transfer·Principle 5
– Non-recourse·
Documentation requirements·Governance
requirements·Accounting,
prudential and statistical information requirements·Solvency
requirements·Background
details on SPV transactions·Non-EU SPVs
FROM THE REINSURANCE DIRECTIVE TO THE SOLVENCY II DIRECTIVE·Directive
2005/68/EC of 16 November 2005 on Reinsurance - The Reinsurance
Directive (RID)
CLOSING ·The Impact
of Solvency ii Outside the EEA·Providing
Insurance Services to the European Client·Competing
with Banks·Learning
from the Basel ii Framework·Regulatory
Arbitrage: A Major Risk for Countries that see Compliance as an
Obligation, not an Opportunity·Basel II,
Solvency II and Regulatory Arbitrage·Challenges
and Opportunities: What is nextTo learn more
about the online exam you may visit:
www.solvency-ii-association.com/CSiiP_CSiiEP_Frequently_Asked_Questions.pdf
www.solvency-ii-association.com/CSiiP_CSiiEP_Certification_Steps.pdf
The course can be tailored to meet specific needs
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