Certified Solvency ii Training for non-EEA countries

The Solvency II Association develops and maintains certification programs and tailor-made training programs for directors, executive managers, professionals, consultants, vendors, service providers, auditors and legal firms around the world.

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

Certified Solvency ii Equivalence Professional (CSiiEP)


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.


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


  • 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