Published by Kim Durniat on
Kim Durniat, Partner and Head of Life Consulting, opened the session by looking at what is left to do for Pillar 1.
Kim discussed three key areas where firms are still undertaking work:
Guest speaker Elliott Varnell, Director at Risk Actuary Advisory Ltd then picked up the baton and moved on to speak about the ORSA requirements. The greatest area of interest and debate amongst the audience was Elliott’s proposal that the optimal length of an ORSA should be 30 pages.
Having looked at the liability side of the Solvency II balance sheet, Scott Eason, Head of Insurance Consulting then addressed the asset side and investment issues outstanding in advance of 1 January 2016.
The key Solvency II investment requirements that Scott discussed were:
Scott also discussed how these could be implemented in a practical manner by adopting a formal process when appointing an investment manager and in regular asset data and risk monitoring.
John Staines, CEO of Solvency II Solutions then closed the session by looking at the Pillar 3 reporting requirements, finally sharing with the audience where we are now with reporting, lessons learnt and the remaining uncertainties. The key takeaways were:
John concluded with the areas where, in his experience, companies still have work to do before1 January 2016. These covered many of the common themes of the day including:
Following the presentations a lively panel debate commenced with discussion ranging from the length of an ORSA report to the availability of asset data to complete the QRT’s.
“With less than six months to the Solvency II 'go live' date there are still a number of areas for firms to ensure compliance before 1 January 2016. These are broad ranging - from ensuring that they apply for the appropriate PRA waivers to performing a full Solvency II dry run to ensure that they can meet the required reporting timescales”