On 1st January 2016, the long awaited Solvency II regime will come into force. Though this has been a long journey, the remaining months will be crucial for insurance and reinsurance companies in terms of Solvency II implementation. Solvency II will usher in a risk based regulatory framework replacing the current prudent based regime.
The aim of this insight is to give participants a basic understanding of what the Solvency II project is all about, the latest developments and some of the main challenges being faced. Focus will also be given to the Pillar II requirements with emphasis placed on the role played by the risk management function and the importance of the ORSA/FLAOR as one of the tools in the risk management framework.
Participants will also have the opportunity to share their own experience in the build up towards the Solvency II compliance.Some of the questions which will be answered during this workshop:
- What does the Solvency Directive expect of an insurance undertaking when it comes to risk management? What constitutes good risk governance under a Solvency II world?
- What are the components of a risk management system?
- How do you Examine Risk Appetite and ORSA?