Certified Solvency ii Equivalence Professional (CSiiEP), distance learning and online certification program

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.

The CSiiEP is a unique program that covers the equivalence requirements for countries and firms. You can find the course synopsis below.

Objectives

This course has been designed to provide with the skills needed to understand the Solvency ii Directive of the EU, and the extraterritorial application to non-EU countries. It also provides with the skills neededand to become a Certified Solvency ii Equivalence Professional (CSiiEP).

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.

Course Synopsis

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
  • Internal Controls
  • Internal Audit
  • Actuarial Function
  • Outsourcing
  • Board of Directors: Role and Solvency ii Responsibilities
  • 12 Principles – System of Governance (Level 2)
  • Pillar 2, Pillar 3, Pillar 1

  • 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
  • Disclosure Requirements
  • The Solvency and Financial Condition Report (SFC)
  • 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 Approval

  • 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
  • Supervisory Colleges - The Challenge for non-EU countries
  • 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
  • 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 (SPEs)

  • 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
  • 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
  • Basel II, Solvency II and Regulatory Arbitrage
  • Challenges and Opportunities: What is next
  • Become a Certified Solvency ii Equivalence Professional (CSiiEP)

    For secure payment we work with PayPal, the faster and safer way to make online payments. With PayPal we minimize the cost of administration and compliance with national and international laws, so we can keep the cost of our programs and services so low.

    Only PayPal receives your credit card number and your financial information. We receive your full name, your email, and your mail address. According to the PayPal rules, you have the option to ask for a full refund up to 60 days after the payment. If you do not want one of our programs or services for any reason, all you must do is to send us an email and we will refund the payment, no questions asked.

    When you click "Buy Now" below, you will be redirected to the PayPal web site. Your payment will be received by our strategic partner and service provider, Cyber Risk GmbH (Rebackerstrasse 7, 8810 Horgen, Switzerland, Handelsregister des Kantons Zürich, Firmennummer: CHE-244.099.341). Cyber Risk GmbH may also send certificates to all members.

    The all-inclusive cost is $297.

     

    What is included in the price:

    A. The official presentations (2,315 slides)

    Only 1,524 slides are needed for the exam, as all the questions are based on these slides.The remaining 791 slides are for reference. These additional slides will help you understand better important parts of the Solvency II framework.

    The presentations are effective and appropriate to study online or offline. Busy professionals have full control over their own learning and are able to study at their own speed. They are able to move faster through areas of the course they feel comfortable with, but slower through those that they need a little more time on.

    B. Up to 3 online exam attempts per year

    Candidates must pass only one exam to become CSiiEPs. If they fail, they must study the official presentations and retake the exam. Candidates are entitled to 3 exam attempts every year.

    If candidates do not achieve a passing score on the exam the first time, they can retake the exam a second time.

    If they do not achieve a passing score the second time, they can retake the exam a third time.

    If candidates do not achieve a passing score the third time, they must wait at least one year before retaking the exam. There is no additional cost for any additional exam attempts.

    To 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

    C. The certificate

    Processing and posting via registered mail with tracking number.


    Frequently Asked Questions

    1. I want to know more about the Solvency II Association.

    The Solvency II Association is the largest association of Solvency II professionals in the world. The association is wholly owned by Compliance LLC, a company incorporated in Wilmington NC and offices in Washington DC, a provider of risk and compliance training in 36 countries.

    Several business units of Compliance LLC are very successful associations that offer standard, premium, and lifetime membership, weekly or monthly updates, training, certification, Authorized Certified Trainer (ACT) programs, advocacy, and other services to their members.

    2. Does the association offer training?

    The Solvency II Association offers distance learning and online certification programs in all countries, and in-house instructor-led training in companies and organizations in many countries.

    A. Distance learning and online certification programs.

    A1. Certified Solvency ii Professional (CSiiP), distance learning and online certification program. To learn more, you may visit: https://www.solvency-ii-association.com/CSiiP_Distance_Learning_Online_Certification_Program.htm

    A2. Certified Solvency ii Equivalence Professional (CSiiEP), distance learning and online certification program. To learn more, you may visit: https://www.solvency-ii-association.com/CSiiEP_Distance_Learning_Online_Certification_Program.htm

    B. Instructor-led training.

    The association develops and maintains certification programs and tailor-made training programs for directors, executive managers, risk and compliance managers, internal and external auditors, data owners, process owners, consultants, suppliers, and service providers.

    For instructor-led training, you may contact Lyn Spooner.

    3. Is there any discount available for the distance learning programs?

    Unfortunately, we do not offer any discount for the first program. We want to keep the cost of the programs so low for all members.

    You have a $100 discount only after you purchase the CSiiP or the CSiiEP program at $297, and it applies to each one of the programs that follow:

    a. Certified Risk and Compliance Management Professional (CRCMP).

    b. Certified Information Systems Risk and Compliance Professional (CISRCP).

    There are programs offered by the International Association of Risk and Compliance Professionals (IARCP, https://www.risk-compliance-association.com). The Solvency II Association and the IARCP are both wholly owned by Compliance LLC.

    For example, you can purchase the CSiiP program for $297, and then purchase the CRCMP program for $197 (instead of $297), and/or the CISRCP program for $197 (instead of $297).

    The CRCMP has become one of the most recognized programs in risk management and compliance. There are CRCMPs in 32 countries. Companies and organizations like Accenture, American Express, USAA etc. consider the CRCMP a preferred certificate. You can find more at: https://www.risk-compliance-association.com/CRCMP_Jobs_Careers.pdf

    4. Why do you accept payments via PayPal only, for the distance learning programs?

    There are important threats to data security in today's IT landscape. On top of that, new data protection regulations around the world put tough requirements on organisations that store “personally identifiable data”, including credit card information. These two factors could increase the cost of our programs dramatically.

    We accept payments via PayPal for the distance learning programs, to minimize the cost of compliance and administration. PayPal keeps and protects your financial information, not us, so we can keep the cost of the program so low.

    With PayPal you have some additional benefits. You can keep the program for 59 days to evaluate it, and if you do not like it, you can simply send us an email and ask for a full refund, no questions asked. We will refund your payment in less than 24 hours.

    PayPal offers this escrow service (an escrow generally refers to money held by a third-party, PayPal, on behalf of the transacting parties). In this way, there is absolutely no risk for you.

    If you do not have a PayPal account and you do not want to create one, somebody else with a PayPal account can also pay for you. After the payment, just let us know, and we will update the record.

    5. Are your training and certification programs vendor neutral?

    Yes. We do not promote any products or services, and we are 100% independent.

    6. I want to learn more about the exam.

    You can take the exam online in the comfort of your home or office, in all countries. You will be given 90 minutes to complete a 35-question multiple-choice exam. You must score 70% or higher.

    We do not send sample questions. If you study the presentations, you can score 100%.

    When you are ready to take the exam, you must follow the steps: www.solvency-ii-association.com/CSiiP_CSiiEP_Certification_Steps.pdf

    7. How comprehensive are the presentations? Are they just bullet points?

    The presentations are not bullet points. They are effective and appropriate to study online or offline.

    8. Do I need to buy books to pass the exam?

    No. If you study the presentations, you can pass the exam. All the exam questions are clearly answered in the presentations. If you fail the first time, you must study more. Print the presentations and use Post-it to attach notes, to know where to find the answer of a question.

    9. Is it an open book exam? Why?

    Yes, it is an open book exam. Risk and compliance management is something you must understand and learn, not memorize. You must acquire knowledge and skills, not commit something to memory.

    10. Do I have to sit for the exam soon after receiving the presentations?

    No. You can sit for the exam from your office or home, any time in the future. Your account never expires and there is no restriction of any kind.

    11. Do I have to spend more money in the future to remain certified?

    No. Your certificates never expire. They will be valid, without the need to spend money or to sit for another exam in the future.

    12. Ok, the certificates never expire, but things change.

    Recertification would be a great recurring revenue stream for the association, but it would also be a recurring expense for our members. We resisted the temptation to "introduce multiple recurring revenue streams to keep business flowing", as we were consulted. No recertification is needed for our programs.

    Things change, and this is the reason you need to become (at no cost) a member of the association. Every month you can visit the "Reading Room" of the association and read our newsletter with updates, alerts and opportunities, to stay current.

    13. How many hours do I need to study to pass the exam?

    You must study the presentations at least twice, to ensure you have learned the details. The average time needed for the CSiiP program is about 38 hours, but there are important differences.

    14. Why should I get certified?

    Firms and organizations hire and promote "fit and proper" professionals who can provide evidence that they are qualified. Employers need assurance that employees have the knowledge and skills needed to mitigate risks and accept responsibility.

    Supervisors and auditors ask for independent evidence that the process owners are qualified, and that the controls can operate as designed, because the persons responsible for these controls have the necessary knowledge and experience.

    The marketplace is clearly demanding qualified professionals in risk and compliance management. Certified professionals enjoy industry recognition and have more and better job opportunities. It is important to get certified and to belong to professional associations. You prove that you are somebody who cares, learns, and belongs to a global community of professionals.

    15. Why should I choose your certification programs?

    We strongly believe that we offer the best value for money compared to all other Solvency II training and certification programs, in any country:

    a. The Solvency II Association is the largest association of Solvency II Professionals in the world.

    b. The all-inclusive cost of our programs is very low. There is no additional cost for each program, now or in the future, for any reason.

    c. There are 3 exam attempts per year that are included in the cost of each program, so you do not have to spend money again if you fail.

    d. No recertification is required. Your certificates never expire.

    e. If you purchase a second program as described above, you have a $100 discount. The all-inclusive cost for your second (and each additional) program is $197.

    If you search the web, you will not find the value for money offered by the Solvency II Association.

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