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Solvency 2
Services
Solvency 2 should be at the top of the agenda for insurance companies, reinsurers, captives and friendly societies across the EU. Board members and senior management should ensure that they know what is required of them between now and the Solvency 2 implementation date of January 2013.
Barnett Waddingham’s Insurance Consulting Practice can offer advice on Solvency 2 that is targeted to your firm’s needs. We can offer assistance in performing a gap analysis, implementation of processes and controls compliant with Solvency 2, or catching up on Quantitative Impact Study 5. We can also support internal model validation and development of the ORSA.
Lots of firms are currently restructuring and there are a number of Part VII transfer’s being done. These require an independent expert report. We have the credentials and experience to assist your firm in this
For more information on these services please contact John O'Neill, Cherry Chan or Kim Durniat.
Solvency 2 Updates
We remain up to date in all the latest Solvency 2 developments, and can ensure your firm does too.
In January 2011, the European Commission published its proposal for an Omnibus 2 Directive, which introduces transitional measures to limit market disruption as we move closer to the full implementation date. The full Omnibus 2 text is not expected until January 2012 but there is a lot to be doing in the meantime.
Internal models should be a priority for those seeking internal model approvals. The FSA held a conference in April 2011 outlining their revisions to the IMAP process. The FSA will focus now be focusing on a small number of firms that present the biggest challenges and risk, including the UK’s top 10 insurers, Lloyd’s and the subsidiaries of large EU insurers. Instead of full engagement with the FSA, the remaining companies will receive tools from the FSA. The FSA are introducing an element of external review in their approach. Firms will be able to submit independent reports. More details are expected in the summer and we can assist your firm in this.
Publications
You can find out more about the Solvency 2 developments in our series of recent publications:
Briefing Note on Omnibus 2
The draft Omnibus 2 Directive was published on 19 January 2011. If adopted, it will amend the Solvency 2 Directive. This briefing note provides a summary of the proposed changes.
QIS5 Survey
Barnett Waddingham conducted a survey in late 2010 following the QIS5 exercise, which looked at the results of the study, difficulties with the processes and focus for the future.
Solvency 2: Final Advice on Level 2 Implementing Measures
Solvency 2: Third Round of CEIOPS Consultation Papers
Solvency 2 DirectiveUseful websites
FSA Solvency 2 page
EIOPA