Certified Solvency ii Professional (CSiiP), distance learning and online certification program
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, and to become a Certified Solvency ii Professional (CSiiP).
The Certified Solvency ii Professional (CSiiP) program has been designed for managers and employees involved in the implementation of risk and compliance related strategies, policies, procedures, risk assessments, control activities, testing, documentation, monitoring and reporting. This is not a program for actuaries. The calculations are out of the scope of the program and the exam.
This course is intended for decision makers, managers, professionals, consultants and service providers that:
A. Work for insurance or reinsurance firms that provide services to the citizens of the European Economic Area (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 to the citizens of the European Economic Area (EEA) countries.
C. Want to understand the challenges and the opportunities after the Solvency ii Directive.
Part A: The Solvency II Directive of the European Union.
The Lamfalussy Process.
Legal acts after the Treaty of Lisbon.
The Lisbon Treaty - directives, regulations.
Regulation No 1094/2010.
Weaknesses of Solvency I.
The Solvency II Directive (Directive 2009/138/EC).
The Three Pillars.
Part B: Understanding the Solvency II Directive.
Subject matter, scope, definitions.
Principle of authorisation.
Conditions for authorisation.
Shareholders and members with qualifying holdings.
General principles of supervision.
Information to be provided for supervisory purposes.
Supervisory review process.
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.
Own risk and solvency assessment.
Report on solvency and financial condition.
Report on solvency and financial condition: applicable principles.
Updates and additional voluntary information.
Policy and approval.
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”.
Present Value, Time Value of Money.
Other elements to be taken into account in the calculation of technical provisions.
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.
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.
Statistical quality 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.
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.
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 solvency and financial condition report.
Parent undertakings outside the Union: verification of equivalence.
Part C: Corporate Governance and Risk Management principles.
Board of Directors.
12 Principles – System of Governance.
Fit and Proper Requirements.
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.
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.
Minimum content of the documentation.
General governance requirements.
Risk Management System.
Risk management areas.
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.
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.
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The all-inclusive cost is $297.
What is included in the price:
A. The official presentations we use in our instructor-led classes (1,242 slides)
You can find the course synopsis above.
B. Up to 3 Online Exams
There is only one exam you need to pass, in order to become a Certified Solvency ii Professional (CSiiP).
If you fail, you must study the official presentations again, but you do not need to spend money to try again. Up to 3 exams are included in the price.
To learn more about the online exam you may visit:
C. Personalized Certificate
Processing and posting to your office or home (via registered mail).