Solvency II Association | Online Training and Certification

Note: Membership is not a prerequisite for obtaining certifications from the association.

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

Overview

Before Solvency II, the insurance sector in the EU operated under a patchwork of national regulations and older frameworks, which had several major limitations. Capital requirements were based on static formulas (not risk-sensitive). There were no guidelines for market, credit, and operational risk, and no detailed corporate governance requirements.

Solvency II is nothing short of a revolution in insurance regulation. It replaced a static, one-size-fits-all regime with a comprehensive, risk-based framework that aligns capital requirements with the actual risks insurers face.

Under Pillar I (quantitative requirements) we have the Solvency Capital Requirement (SCR), based on either the Standard Formula or an Internal Model, the Minimum Capital Requirement (MCR), and full recognition of underwriting, market, credit, and operational risks.

Under Pillar II (governance and supervision) we have the qualitative aspects, ensuring that insurers not only hold sufficient capital, but also manage risks effectively and are governed with integrity and competence. It requires insurers and reinsurers to implement and maintain sound and effective systems of governance, which must be proportionate to the nature, scale, and complexity of their operations.

The Own Risk and Solvency Assessment (ORSA) is a forward-looking internal process where the undertaking assesses its own capital needs in relation to its specific risk profile and business strategy. It requires management to consider how solvency might be affected under stress or changing conditions, integrating risk and capital planning into decision-making.

Under the fit and proper requirements, individuals in significant roles must have the required knowledge, experience, and integrity. There are clearly defined roles and responsibilities for the four key functions: Risk management, compliance, actuarial, and internal audit.

Under Pillar III (disclosure and transparency) we have reporting and disclosures to regulators and to the public, with the goal of promoting transparency, market discipline, and supervisory convergence. It requires insurance and reinsurance undertakings to provide timely, accurate, and comparable information about their financial condition and risk profile.

The Solvency and Financial Condition Report (SFCR) provides stakeholders (including policyholders, investors, analysts, rating agencies) with a clear and consistent view of the insurer’s financial strength and risk management. It covers governance, risk management, risk profile, valuation of assets and liabilities, and capital management, including the Solvency Capital Requirement (SCR) and Minimum Capital Requirement (MCR), and the composition of own funds.

Will Solvency III change everything?

The short answer is no, this is not going to happen. Solvency II knowledge will be necessary in order to understand and implement Solvency III.

Changes are coming, but we must make it clear, there is no official “Solvency III” regulation. The term “Solvency III” is only used informally by professionals to refer to the next generation of Solvency II, much like “Basel III” followed “Basel II” in banking.

The European Commission and EIOPA have launched a formal review of Solvency II, which includes legislative proposals and technical consultations aimed at refining and modernizing the existing framework.

Much like how Basel III was not a complete rewrite but rather a refinement and strengthening of Basel II, the anticipated Solvency III will build upon the core structure of Solvency II, not replace it. The European Commission and EIOPA have made it clear that any reform will evolve the framework rather than overhaul it.

Based on EIOPA, stakeholder consultations, and legislative proposals, we can anticipate some key themes and directions:

1. The risk margin, widely considered to be too conservative and procyclical, may be recalibrated, especially under low-interest-rate environments. The volatility adjustment (VA) mechanism may be adjusted to better reflect economic reality.

2. Group-level supervision may be improved, especially for cross-border insurance groups. It may include clearer rules on supervisory cooperation, reporting consolidation, and intragroup transactions.

3. The integration of climate and sustainability risks is also expected into both Pillar I (capital requirements) and Pillar II (governance and risk management). The ORSA process may require climate scenario analysis. Disclosure requirements under Pillar III may align more closely with the Environmental, Social, and Governance (ESG) agenda and the Corporate Sustainability Reporting Directive (CSRD) that expands and strengthens sustainability reporting obligations.

4. Digitalization and technological risk management may change. The rise of AI, data analytics, and digital platforms in insurance is driving the need for new risk assessments. Supervisory expectations will evolve to cover cyber resilience, algorithmic accountability, and third-party (outsourcing) risk. Solvency III must align with the Digital Operational Resilience Act (DORA).

Solvency III will not reinvent the wheel, it will sharpen it. It will preserve the structure and core principles of Solvency II while addressing complexity, improving proportionality, and aligning with emerging challenges like climate risk, cyber threats, and digital transformation.

Much like Basel III refined and completed Basel II after the financial crisis, Solvency III is expected to be a maturity phase of Solvency II, making it more efficient, sustainable, and forward-looking, without disrupting its established foundation.

Solvency III, or any Solvency II amendment, will align with Basel III (but how do we know that?)

Regulatory arbitrage occurs when firms exploit differences in regulatory frameworks across sectors or jurisdictions to reduce their regulatory burden, without actually reducing risk. If one sector has stricter rules, capital can shift to another sector where the rules are softer. This can distort financial markets, undermine stability, and reduce the effectiveness of supervision.

The Basel III framework (for banks) and the emerging Solvency III evolution (for insurers) both aim to ensure that financial institutions hold adequate capital, manage risk effectively, and remain resilient in times of crisis.

If Solvency III is softer or less risk-sensitive than Basel III, it will encourage banks to shift risky activities into insurance subsidiaries. Conglomerates will exploit the regulatory gap. For example, a bank in a conglomerate will channel complex or long-term credit risk into an insurance entity where capital requirements are lighter. Large financial groups operating in both sectors will "optimize" capital allocation, not based on real economic substance, but on regulatory arbitrage opportunities.

Banks and insurers often operate under the same holding company, lend to each other, and co-invest in financial instruments. They also share systemic exposure to risks like climate or cyber risk. If Solvency III falls behind Basel III, it creates cracks in the supervisory framework, cracks that financial engineering will exploit.

EIOPA and the European Commission are aware of this risk. To maintain a level playing field and avoid regulatory arbitrage, Solvency III must evolve in harmony with Basel III, not in isolation. Consistency between the two frameworks ensures that risk is regulated, not relocated.

Objectives

The program has been designed to equip participants with the skills needed to understand and support Solvency ii compliance and enterprise-wide risk management. The program also provides with the skills needed to become a Certified Solvency ii Professional (CSiiP), a certification that provides independent evidence to firms and organizations that you have a quantifiable understanding of the subject matter.

Target Audience

A range of professionals must have a solid knowledge of Solvency II. They may:

A. Work for insurance or reinsurance firms that provide services to the citizens of the European Economic Area (EEA).

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 to the citizens of the European Economic Area (EEA) countries.

Professionals in the target audience include:

1. Risk and Compliance Management Professionals: As Solvency II is centered around the management of risks, they need to understand the Solvency II framework thoroughly and ensure that their institutions remain compliant. They must translate regulatory expectations into internal policies, procedures, and monitoring mechanisms that withstand scrutiny from internal and external auditors and supervisory bodies.

2. Project Managers: They are central to the successful implementation of Solvency II, that requires multi-phase projects involving cross-functional coordination between risk, finance, IT, compliance, legal, and senior management. Project managers must understand the objectives and interdependencies of the Solvency II framework to deliver effective outcomes.

Solvency II projects typically involve tight deadlines, and significant data and system dependencies. Project managers must manage timelines and resources, and ensure alignment with both business objectives and regulatory expectations. They must also be capable of identifying and mitigating project risks, tracking deliverables across departments, and communicating effectively with stakeholders.

3. Internal Auditors: They are expected to assess whether institutions have implemented Solvency II properly and whether the required controls are effective. Familiarity with the framework is essential to evaluate compliance and report findings to the Board. With regulators expecting independent assurance on Solvency II compliance, auditors must be equipped to identify gaps, test controls, and add value in supervisory dialogues.

4. IT and Information Security Professionals: The successful implementation of Solvency II depends heavily on the quality, consistency, and security of data across systems. IT and information security professionals play a critical role in supporting the infrastructure that enables accurate calculation of capital requirements, and the production of regulatory reports.

Pillar II places clear expectations on operational resilience, data integrity, and cyber risk management. Training helps IT and InfoSec professionals understand regulatory priorities, support compliance in areas like reporting systems, ORSA data flows, and third-party risk. With growing focus on digital transformation, outsourcing, and DORA alignment, Solvency II knowledge enables tech teams to align security practices with regulatory demands to support enterprise-wide risk objectives.

5. External Auditors: They are expected to assess the accuracy and completeness of Solvency II-related disclosures, particularly under Pillar III. Training provides insight into ORSA, internal controls, and regulatory reporting standards such as the SFCR. As supervisors increasingly rely on audit assurance for Solvency II compliance, auditors with specialized knowledge add value, reduce review times, and enhance audit quality.

6. Consultants: They must possess a deep understanding of the Solvency II framework to provide credible, high-impact guidance. Whether advising on capital optimization strategies, internal governance structures, or regulatory reporting frameworks, consultants are expected to translate complex Solvency II requirements into practical steps that align with each client’s business model and risk profile.

They can play a vital role in supporting Solvency II compliance by bringing expertise, structure, and objectivity to the process. They support communication between departments, align Solvency II efforts with audit timelines, and assist in preparing documentation for external auditors. In many cases, consultants offer strategic advice on automation, technology integration, and improving overall control efficiency. Ultimately, they help companies maintain a consistent, well-documented, and auditable approach to Solvency II compliance.

7. Service providers: They play a vital role in helping financial institutions meet their Solvency II obligations, as they often own key components of the infrastructure that supports capital adequacy data and calculations, risk modeling, and regulatory reporting. To provide effective and compliant solutions, service providers must have a strong understanding of the Solvency II framework and its operational requirements. They must deliver tools and services that align with both the technical and regulatory expectations set by Solvency II.

The Digital Operational Resilience Act (DORA) applies to financial entities regulated under Solvency II and extends to their critical ICT third-party service providers. If service providers offer IT, cloud, data, or cybersecurity services to insurers, DORA brings new obligations around resilience, risk management, and incident reporting. Insurers must ensure their providers meet DORA standards, including contractual clarity, testing, and oversight. This means service providers must now align with both Solvency II requirements and DORA’s operational resilience rules. Understanding both frameworks is essential for maintaining compliance and securing long-term partnerships with EEA insurers.

8. Legal and Corporate Governance Professionals: They play an essential role in interpreting, advising on, and overseeing the institutional response to the Solvency II framework. As Solvency II standards are transposed into binding national regulations, they must analyze the implications for corporate structures, board-level responsibilities, disclosure obligations, and compliance programs. They must ensure that their institutions not only meet the letter of the law but also operate in the spirit of regulatory expectations, especially when it comes to internal governance and supervisory dialogue.

This program is not suitable for Actuaries. While it provides a good understanding of the Solvency II framework, it does not cover the technical actuarial calculations, methodologies, or model validation techniques required by actuarial professionals. Actuaries play a highly specialized role under Solvency II. These responsibilities require advanced, profession-specific training and accreditation beyond the scope of this program. They must pursue dedicated actuarial education programs that address the mathematical, statistical, and regulatory depth their role demands.

Fit and proper requirements

Solvency II knowledge is one of the main factors that make managers and employees indispensable for Financial Conglomerates (FC), Financial Holding Companies (FHC), Mixed Financial Holding Companies (MFHC), and Insurance Holding Companies (IHC) around the world. Attracting qualified staff is the most important component of any Solvency II implementation strategy.

One main challenge for insurance and reinsurance undertakings after the Solvency II directive is the need to assess the fitness and propriety of the persons who effectively run the undertaking. It is important to understand Article 42 of the Solvency II Directive:

"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 at all times fulfil the following requirements:

(a) their professional qualifications, knowledge and experience are adequate to enable sound and prudent management (fit); and

(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 referred to in paragraphs 1 and 2 have been replaced because they no longer fulfil the requirements referred to in paragraph 1."

Extraterritorial application of Solvency II, and the importance of Solvency II skills for experts internationally

While primarily designed for insurers operating within the EU, Solvency II has significant extraterritorial implications, affecting companies and jurisdictions outside the EU.

The extraterritorial application of Solvency II refers to its impact on:

1. Non-EU insurance and reinsurance companies conducting business in the EU. Solvency II applies to the EU-based subsidiaries of global insurance groups, requiring these entities to adhere to Solvency II capital, governance, and reporting standards. Parent companies in third countries are required to provide group-wide information consistent with Solvency II, impacting their reporting processes and capital structures.

2. Non-EU countries seeking equivalence with Solvency II standards. Solvency II restricts or complicates access to EU markets for non-EU insurers and reinsurers if the regulatory framework of their home country is not deemed equivalent.

Given the extraterritorial reach of Solvency II, professionals across the insurance and reinsurance sectors must develop robust Solvency II skills to navigate its complexities effectively.

Course Synopsis

Part A: The Solvency II Directive of the European Union.

- The Lamfalussy Process.
- Legal acts after the Treaty of Lisbon.
- Delegated acts.
- Implementing acts.
- The Lisbon Treaty - directives, regulations.
- Regulation No 1094/2010.
- Weaknesses of Solvency I.
- The Solvency II Directive (Directive 2009/138/EC).
- Main Objectives.
- The Three Pillars.

Part B: Understanding the Solvency II Directive.

- Important articles.
- Subject matter, scope, definitions.
- Principle of authorisation.
- Conditions for authorisation.
- Close links.
- Shareholders and members with qualifying holdings.

- General principles of supervision.
- Information to be provided for supervisory purposes.
- Supervisory review process.
- Capital add-on.
- Supervision of outsourced functions and activities.

- Responsibility of the administrative, management or supervisory body.
- General governance requirements.
- Fit and proper requirements for persons who effectively run the undertaking or have other key functions.
- Proof of good repute.
- Risk management.

- Own risk and solvency assessment.
- Internal control.
- Internal audit.
- Actuarial function.
- Outsourcing.

- Report on solvency and financial condition.
- Report on solvency and financial condition: applicable principles.
- Updates and additional voluntary information.
- Policy and approval.

- Professional secrecy.
- Cooperation agreements with third countries.

- Valuation of assets and liabilities.
- Arm's Length Transaction.
- Rules relating to technical provisions.
- Calculation of technical provisions.
- Hedgeable and Non-Hedgeable Risks.
- Calculation of technical provisions “as a whole”.
- Cost-of-Capital rate.
- Best Estimate.
- Present Value, Time Value of Money.
- Risk Margin.
- Other elements to be taken into account in the calculation of technical provisions.
- Binary Events.
- Data quality and application of approximations.
- Comparison against experience.
- Appropriateness of the level of technical provisions.

- Basic own funds.
- Ancillary own funds.
- Supervisory approval of ancillary own funds.
- Characteristics and features used to classify own funds into tiers.
- Main criteria for the classification into tiers.
- Eligibility and limits applicable to Tiers 1, 2 and 3

- The Solvency Capital Requirement (SCR).
- The Calculation of the Solvency Capital Requirement.
- Frequency of calculation.
- Structure of the standard formula.
- The Basic Solvency Capital Requirement.
- Design of the Basic Solvency Capital Requirement.
- The capital requirement for operational risk.
- The adjustment for the loss-absorbing capacity of technical provisions and deferred taxes.
- Understanding the technical provisions, MCR, SCR.
- Non-life underwriting risk.
- Life underwriting risk.
- Health underwriting risk.
- Market risk.
- Credit risk.
- Operational risk.
- Significant deviations from the assumptions underlying the standard formula calculation.

- General provisions for the approval of full and partial internal models.
- Specific provisions for the approval of partial internal models.
- Policy for changing the full and partial internal models.
- Responsibilities of the administrative, management or supervisory bodies.
- Non-compliance of the internal model.
- Use test.
- Statistical quality standards.
- Validation standards.
- Documentation standards.

- Minimum Capital Requirement (MCR).
- Calculation of the Minimum Capital Requirement.
- Investments, prudent person principle.
- Identification and notification of deteriorating financial conditions.
- Non-Compliance with the Solvency Capital Requirement.
- Non-Compliance with the Minimum Capital Requirement.

- Right of establishment and freedom to provide services.
- Conditions for branch establishment.
- Home Member States, Host Member States.
- Insurance undertakings not complying with the legal provisions.
- Reinsurance undertakings not complying with the legal provisions.
- Branches with head offices outside the community.

- Group supervision.
- Cases of application of group supervision.
- Scope of group supervision.
- Ultimate parent undertaking at Community level.
- Supervision of group solvency.
- Elimination of double use of eligible own funds.
- Elimination of the intra-group creation of capital.
- Calculation methods.
- Method 1 (Default method): Accounting consolidation-based method.
- Group internal model.
- Group capital add-on.
- Method 2 (Alternative method): Deduction and aggregation method.
- Risk management and internal controls.
- Group Supervisor.
- Group solvency and financial condition report.
- Parent undertakings outside the Union: verification of equivalence.
- Case Studies.

Part C: Corporate Governance and Risk Management principles.

- Board of Directors.
- 12 Principles – System of Governance.
- Fit and Proper Requirements.
- Strategic risk.
- Reputational risk.
- Internal Control.
- Outsourcing.

Part D: Regulations and guidelines supplementing the Solvency II Directive.

- Regulation (EU) 2015/35, supplementing the Solvency II Directive.
- Data used in the calculation of technical provisions.
- Limitations of data.
- Appropriate use of approximations to calculate the best estimate.
- Calculation methods.
- Use of the internal model.
- Fit to the business.
- Understanding the internal model.
- Support of decision-making and integration with risk management.
- Adequate, applicable and relevant actuarial techniques.
- Documentation standards.
- Minimum content of the documentation.
- General governance requirements.
- Risk Management System.
- Risk management areas.
- The Functions.
- Remuneration policy.
- Capital management.
- Elements of the regular supervisory reporting.
- Own-risk and solvency assessment, supervisory report.
- Criteria for assessing third country equivalence.

- Regulation (EU) 2015/462.
- Qualitative content of the annual report.
- Description of the risks assumed by the special purpose vehicle.

- Regulation (EU) 2015/460.
- Application to calculate the Solvency Capital Requirement using an internal model.
- Assessment of the application.
- Decision on the application.

- Regulation (EU) 2015/461.
- Agreement on the process.
- Proposal for a decision.
- Final decision.
- Notification of the decision.

- EIOPA, Guidelines on the supervision of branches of third-country insurance undertakings.

- EIOPA, Guidelines on Own Risk and Solvency Assessment (ORSA).

- EIOPA, Guidelines on the methodology for equivalence assessments by National Supervisory Authorities under Solvency II.

- EIOPA, Guidelines on supervisory review process.

- Joint Guidelines on the convergence of supervisory practices relating to the consistency of supervisory coordination arrangements for financial conglomerates.

- Basel and Solvency ii – regulatory arbitrage challenges.
- The impact of Basel 3.
- Closing remarks.

Become a Certified Solvency ii Professional (CSiiP)

We will send the program up to 24 hours after the payment. Please remember to check your spam or junk folder, as emails with attachments may occasionally be filtered there.

You are entitled to a full refund within 60 days of your payment. If you decide not to proceed with any of our programs or services for any reason, simply send us an email — we’ll process your refund with no questions asked.

Payments are processed by our strategic partner and service provider, Cyber Risk GmbH (Dammstrasse 16, 8810 Horgen, Switzerland, registered in the Commercial Register of the Canton of Zürich, Company Number: CHE-244.099.341).

The all-inclusive price is $297 (one time fee). There is no additional cost, now or in the future, for this program.

First option: You can purchase the Certified Solvency ii Professional (CSiiP) program with VISA, MASTERCARD, AMEX, Apple Pay, Google Pay etc.

Second option: QR code payment.

i. Open the camera app or the QR app on your phone.

ii. Scan the QR code and possibly wait for a few seconds.

iii. Click on the link that appears, open your browser, and make the payment.

Third option: You can purchase the Certified Solvency ii Professional (CSiiP) program with PayPal

What is included in the program:

A. The official presentations (1,242 slides)

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 Certified Solvency ii Professionals (CSiiPs). 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, you may visit:

https://www.solvency-ii-association.com/CSiiP_Frequently_Asked_Questions.pdf

https://www.solvency-ii-association.com/CSiiP_Certification_Steps.pdf

C. The Certificate, with a scannable QR code for verification.

You will receive your certificate via email in Adobe Acrobat format (pdf), with a scannable QR code for verification, 7 business days after you pass the exam. A business day refers to any day on which normal business operations are conducted (in our case Monday through Friday), excluding weekends and public holidays.

D. One of the web pages of the Solvency II Association dedicated to you (solvency-ii-association.com/Your_Name.htm).

When third parties scan the QR code on your certificate, they will visit the web page of the Solvency II Association that is dedicated to you. They will be able to verify that you are a certified professional, and your certificates are valid and legitimate.

In this dedicated web page we will have your name, the certificates you have received from us, pictures of your certificates, and a picture of your lifetime membership certificate if you are a lifetime member.

An example:

https://www.solvency-ii-association.com/Helga_Steiner.htm

Professional certificates are some of the most frequently falsified documents. Employers and third parties need an easy, effective, and efficient way to check the authenticity of each certificate. QR code verification is a good response to this demand.

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. It is wholly owned by Compliance LLC, a company incorporated in Wilmington, NC, and offices in Washington, DC, a provider of risk and compliance training and certification in 57 countries.

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

- The Sarbanes-Oxley Compliance Professionals Association (SOXCPA), the largest Association of Sarbanes-Oxley professionals in the world. You may visit: https://www.sarbanes-oxley-association.com

- The Basel iii Compliance Professionals Association (BiiiCPA), the largest association of Basel iii Professionals in the world. You may visit: https://www.basel-iii-association.com

- The International Association of Risk and Compliance Professionals (IARCP). You may visit: https://www.risk-compliance-association.com

The Certified Risk and Compliance Management Professional (CRCMP) certificate, from the IARCP, has become one of the most recognized certificates in risk management and compliance. There are CRCMPs in 57 countries. Companies and organizations around the world consider the CRCMP a preferred certificate.

You can find more about the demand for CRCMPs at: https://www.risk-compliance-association.com/CRCMP_Jobs_Careers.pdf

2. Does the association offer training?

A. Distance learning and online certification program.

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

B. Instructor-led training.

For instructor-led training, you may contact Lyn Spooner at: lyn@solvency-ii-association.com

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

To keep our programs as affordable as possible for all members, we do not offer a discount on the first program. However, you will receive a $100 discount on your second and every subsequent program.

For example, if you purchase the Certified Solvency ii Professional (CSiiP) program at $297, you can purchase:

1. The Certified Basel iii Professional (CBiiiPro) program at $197 (instead of $297). it is provided by the Basel iii Compliance Professionals Association (BiiiCPA), the largest association of Basel iii Professionals in the world.

2. The Certified Stress Testing Expert - Basel 3 (CSTE-B3) program at $197 (instead of $297).

3. The Certified Risk and Compliance Management Professional (CRCMP) program at $197 (instead of $297),

4. The Certified Information Systems Risk and Compliance Professional (CISRCP) program at $197 (instead of $297),

5. The Certified Cyber (Governance Risk and Compliance) Professional - CC(GRC)P program at $197 (instead of $297),

6. The Certified Risk and Compliance Management Professional in Insurance and Reinsurance - CRCMP(Re)I program at $197 (instead of $297),

To find more about programs 3 to 6 above, you may visit the International Association of Risk and Compliance Professionals (IARCP) at: https://www.risk-compliance-association.com/Distance_Learning_and_Certification.htm

Cyber Risk GmbH (Dammstrasse 16, 8810 Horgen, Switzerland, CHE-244.099.341), acting as a strategic partner and authorized service provider of the Solvency II Association, extends a $100 discount on each of the online training programs listed below to individuals who have previously enrolled in the online training program offered by the Solvency II Association. This special offer is designed to support your continued growth and professional development.

1. NIS 2 Directive Trained Professional (NIS2DTP)

2. Digital Operational Resilience Act Trained Professional (DORATPro)

3. Critical Entities Resilience Directive Trained Professional (CERDTPro)

4. Data Act Trained Professional (DataActTPro)

5. Data Governance Act Trained Professional (DatGovActTP)

6. European Chips Act Trained Professional (EChipsActTPro)

7. Digital Services Act Trained Professional (DiSeActTPro)

8. Digital Markets Act Trained Professional (DiMaActTPro)

9. Artificial Intelligence Act Trained Professional (AIActTPro)

To receive the URL for the discounted rate, please email us with the subject line: "Request for Discounted Program URL."

In the email, please let us know:

a. Which was the name and email address of the person or legal entity that had purchased the program from the Solvency II Association.

b. Which is the program you want to purchase now at $197 instead of $297.

You will receive the URL for the discounted price for your second and subsequent programs within 48 hours (business days).

4. Are your training and certification programs vendor neutral?

Yes, absolutely. All of our training and certification programs are completely vendor-neutral. This means we do not promote or rely on any specific tools, products, or service providers. Our goal is to provide participants with knowledge and skills that are transferable to any organization or environment, regardless of the technologies or vendors they use. By staying independent from vendors, we ensure that our programs remain objective, practical, and relevant to a wide range of roles and sectors.

5. Are there any entry requirements or prerequisites required for enrolling in the training programs?

There are no entry requirements or prerequisites for enrollment in our programs. We believe that learning should be accessible to everyone, regardless of their background, academic credentials, or professional experience. In contrast to providers that set stringent prerequisites or entry barriers, our approach prioritizes accessibility and openness. We do not believe that the opportunity to learn and grow should be limited by prior qualifications. Whether you're just beginning your career, changing paths, or expanding your expertise, our programs are designed to support individuals at all levels. Each course provides a clear and structured learning path, allowing individuals at all levels to gain valuable insights, and build practical skills. Our approach empowers motivated learners from different industries and career stages to gain value and opportunity from the program.

6. I want to learn more about the exam.

You can take the exam online from your home or office, in all countries.

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.

You will be given 90 minutes to complete a 35-question exam. You must score 70% or higher.

The exam contains only questions that have been clearly answered in the official presentations.

All exam questions are multiple-choice, composed of two parts:

a. A stem (a question asked, or an incomplete statement to be completed).

b. Four possible responses.

In multiple-choice questions, you must not look for a correct answer, you must look for the best answer. Cross out all the answers you know are incorrect, then focus on the remaining ones. Which is the best answer? With this approach, you save time, and you greatly increase the likelihood of selecting the correct answer.

TIME LIMIT - This exam has a 90-minute time limit. You must complete this exam within this time limit, otherwise the result will be marked as an unsuccessful attempt.

BACK BUTTON - When taking this exam you are NOT permitted to move backwards to review/change prior answers. Your browser back button will refresh the current page instead of moving backward.

RESTART/RESUME – You CANNOT stop and then resume the exam. If you stop taking this exam by closing your browser, your answers will be lost, and the result will be marked as an unsuccessful attempt.

SKIP - You CANNOT skip answering questions while taking this exam. You must answer all the questions in the order the questions are presented.

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

When you are ready to take the Certified Solvency ii Professional (CSiiP) exam, you must follow the steps:

https://www.solvency-ii-association.com/CSiiP_Certification_Steps.pdf

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

The presentations are not collections of bullet points, they are thoughtfully structured, in-depth learning materials designed to provide clear explanations, context, and real-world relevance. Unlike slide decks that rely on brief summaries, our presentations guide you through each concept in a comprehensive and engaging manner. They are highly effective for both online and offline study, making them ideal for professionals who value substance and flexibility in their learning experience.

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. You can:

- Highlight key terms and sections to help you focus during review.
- Add digital sticky notes (just like Post-it notes) anywhere in the document to remind yourself where specific answers or explanations are.
- Underline or circle text using freehand drawing tools.
- Add bookmarks to easily navigate to important sections.
- Search each document using keywords to quickly find what you need.

9. Is it an open book exam? Why?

Yes, it is an open book exam. Risk and compliance management is a field that requires deep understanding, critical thinking, and the ability to apply principles in real-world situations, not simply the ability to memorize facts. The goal of our certification programs is to help you build lasting knowledge and practical skills that you can confidently use in your professional role.

In real-life scenarios, risk and compliance professionals have access to regulations, frameworks, and reference materials, and are expected to use them thoughtfully. Our open book exam reflects this reality by assessing your comprehension and ability to apply what you've learned, rather than testing your memory.

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

No, there is no set exam date, you may take the exam at any time that suits you. Your account will not expire. Any future updates to the training materials will be made available to you at no cost.

The Association reserves the right to amend the General Terms and Conditions (GTC) at any time. Any changes will become effective upon publication on the website of the association, and will apply exclusively to training programs purchased after the date of modification.

For our distance learning and online certification programs, the General Terms and Conditions in effect at the time of purchase shall apply for a period of eighteen (18) months from the date of payment. If a participant does not pass the exam within this 18-month period, access to the program will remain valid, and the participant may take the exam at a later date. In such cases, however, the participant shall be subject to the General Terms and Conditions in force at the time the exam is taken.

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

No. Your certificate is issued with lifetime validity and does not expire. There are no renewal fees, no hidden costs, and no requirement to retake the exam in the future. Once certified, you remain certified.

12. Ok, the certificate never expires, but what about changes in the field?

Things do change. While many organizations introduce mandatory recertification as a recurring revenue stream, we’ve taken a different approach. Although we were advised to "introduce multiple recurring revenue streams to keep business flowing", we made a conscious decision to prioritize long-term value for our members over short-term profit. That’s why no recertification is required for our programs.

Instead, we are committed to keeping you informed and up to date, at no cost. We invite you to visit the Association’s Reading Room each month and explore our newsletter, where you’ll find valuable insights, regulatory updates, timely alerts, and new opportunities. This ongoing access ensures you remain current and well-informed in a dynamic and constantly evolving field.

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 Certified Solvency ii Professional (CSiiP) program is 38 hours, but there are important differences among members.

14. I want to receive a printed certificate. Can you send me one?

Unfortunately this is not possible. You will receive your certificate via email in Adobe Acrobat format (pdf), with a scannable QR code for verification, 7 business days after you pass the exam. A business day refers to any day on which normal business operations are conducted (in our case Monday through Friday), excluding weekends and public holidays.

The association will develop a dedicated web page for each certified professional (solvency-ii-association.com/Your_Name.html). In your dedicated web page we will add your full name, all the certificates you have received from the association, and the pictures of your certificates.

When third parties scan the QR code on your certificate, they will visit your dedicated web page, and they will be able to verify that you are a certified professional, and your certificates are valid and legitimate.

You can print your certificate that you will receive in Adobe Acrobat format (pdf). With the scannable QR code, all third parties can verify the authenticity of each certificate in a matter of seconds.

15. Which is the refund policy?

The association maintains a clear and customer-friendly refund policy. You are entitled to request a full refund within 60 days of your payment, no questions asked. If, for any reason, you decide that one of our programs or services is not right for you, simply send us an email within this 60-day window.

Once we receive your request, we will process your refund within one business day. There are no forms to fill out, no explanations required, and no delays. Our goal is to provide a risk-free and stress-free experience.

16. Why should I get certified, and why should I choose your certification programs?

1. Global Recognition: The Solvency II Association is the largest association of Solvency II professionals in the world.

2. Flexible and Convenient Learning: Our training programs are designed with flexibility in mind. Participants can access course materials and complete the certification exam anytime, from anywhere. This is especially beneficial for professionals with demanding schedules who need to learn at their own pace.

3. Affordable, All-Inclusive Pricing: Each program is offered at a low, all-inclusive price. There are no hidden fees or additional costs, now or in the future, for any reason.

4. Discounts on Additional Programs: When you enroll in a second program, you receive a $100 discount. This means the all-inclusive cost for your second (and every additional) program is $197 (compared to the regular price of $297). There are no hidden fees or recurring charges. This discount is our way of supporting your continued professional development.

5. Multiple Exam Attempts Included: Each program includes up to three exam attempts per year at no additional cost, as outlined above.

6. No Recertification Required: Your certificates are issued with lifetime validity. No recertification is required, and your credentials will not expire.

7. Potential for Career Advancement and Industry Recognition: There is a clear and growing demand for qualified professionals in risk and compliance management. Certified individuals are often recognized by employers, may enjoy broader career opportunities, and may be preferred for promotions or new roles. Earning a professional certification demonstrates your commitment to continuous learning and your active engagement in a global community of experts.

However, it’s important to note that no certificate, regardless of its reputation, can guarantee a new or better job. Career advancement depends on many factors, including supply and demand, market conditions, and timing. Certification is a valuable asset, but it is only one part of a larger professional development journey.

8. The fit and proper requirement: Firms and organizations hire and promote fit and proper professionals who can provide evidence that they are qualified. Employers need assurance that managers and employees have the knowledge and skills needed to mitigate risks and accept responsibility. Supervisors and auditors ask for independent evidence that professionals are qualified, and that controls can operate as designed, because the persons responsible for these controls have the necessary knowledge and experience.

9. Increased Earning Potential: Professionals who invest in gaining new skills and recognized certifications may become eligible for higher-paying roles. Training and ongoing professional development may significantly enhance your earning potential and contribute to long-term career success. However, it’s important to understand that increased earnings are not guaranteed. Compensation and career advancement depend on various factors. Certification is a valuable tool, but not a guarantee on your path to career growth.