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Welcome to the Solvency II Association
the largest association of Solvency ii Professionals in the world 

Dear Solvency ii Professional,

We are pleased to announce our updated Distance Learning and Online Certification programs:

1. Certified Solvency ii Professional (CSiiP) Distance Learning and Online Certification Program

www.solvency-ii-association.com/CSiiP_Distance_Learning_Online_Certification_Program.htm

2. Certified Solvency ii Equivalence Professional (CSiiEP) Distance Learning and Online Certification Program

www.solvency-ii-association.com/CSiiEP_Distance_Learning_Online_Certification_Program.htm



The Solvency II directive is often called "The Risk and Compliance Managers' Full Employment Act". It is not difficult to understand why.

Insurance and reinsurance firms compete with regulatory agencies to hire hundreds
of qualified professionals.


There is a simple reason for that: The new fit and proper requirements.

In Article 42 of the Solvency II Directive we read:

Article 42
Fit and proper requirements for persons who effectively run the undertaking or have other key functions


1. Insurance and reinsurance undertakings shall ensure that all persons who effectively run the undertaking or have other key functions meet at all times the following requirements:

(a) their professional qualifications, knowledge and experience are adequate to enable sound and prudent management (fit);

(b) they are of good repute and integrity (proper).

2. Insurance and reinsurance undertakings shall notify
the supervisory authority of any changes
to the identity of the persons who effectively run the undertaking or are responsible for other key functions, along with all information needed to assess whether any new persons appointed to manage the undertaking are fit and proper.

3. Insurance and reinsurance undertakings shall notify their supervisory authority if any of the persons mentioned in paragraphs 1 and 2 have been replaced because they no longer fulfil the requirements referred to in paragraph 1.

CEIOPS - Advice for Level 2 Implementing Measures on Solvency II: System of Governance:

The provisions of Article 42(1) apply to all persons who effectively run the undertaking. These are not limited to the members of the administrative, management or supervisory body, but could include other persons such as senior managers.

The other “key functions” are those considered critical or important in the system of governance and include at least the risk management, the compliance, the internal audit and the actuarial functions.

Other functions may be considered key functions according to the nature, scale and complexity of an undertaking’s business or the way it is organised.

Undertakings shall notify the supervisory authority which persons effectively run the undertaking and which, if any, other key function holders are identified for the undertaking.

In addition to the qualifications that enable them to discharge their duties in their specific areas of responsibility, the members of the administrative, management or supervisory body should, collectively, be able to provide for the sound and prudent management of the undertaking.

In order to ensure that all persons subject to Article 42 are proper and have the professional qualifications, knowledge and experience necessary to competently discharge their responsibilities, the undertaking needs to have in place appropriate documented policies and processes for assessing fitness and propriety.

Solvency II requires four functions to be established as part of an undertaking’s system of governance.

These functions are:

• Risk management
• Compliance
• Internal audit
• Actuarial


Insurers need to demonstrate that they have sufficient in-house expertise or access to such expertise.

In order to safeguard the interests of policyholders and beneficiaries, insurance companies must be managed soundly and prudently. In this respect it is essential that individuals in key positions do not pose a risk to the interests of the insurance company or its shareholders, e.g. through conflict of interests, inadequate knowledge of the business of insurance or through criminal activity.

Minimum standards are therefore set concerning the fitness and propriety of corporate officers who occupy key management positions.

Insurers need to demonstrate that these persons are adequately qualified and proper to do their jobs.

This is the reason insurers and reinsurers compete to hire qualified professionals, and Solvency ii is often called "The Risk and Compliance Managers' Full Employment Act"

Insurers and reinsurers headquartered outside the EU ('third-country insurers') are also affected. Solvency ii includes specific rules for branches of direct insurers headquartered outside the EU which are similar to those applied to branches of insurers headquartered within the EU.

Many non-EU countries try hard to become Solvency ii Equivalent. Equivalence assessments aim to ensure that the third country regulatory and supervisory regimes provide a similar level of policyholder/beneficiary protection as the one provided under the Solvency II Directive.

In case of a positive equivalence determination Member States are required to treat reinsurance contracts concluded with undertakings having their head office in the third country whose regime has been deemed equivalent, in the same manner as reinsurance contracts concluded with an undertaking which is authorised under the Solvency II Directive.

In case of a positive equivalence determination Member States shall not require the localisation within the Community of assets held to cover the technical provisions covering risks situated in the Community, nor assets representing reinsurance recoverables.

This is the reason Solvency ii is often called "The Risk and Compliance Managers' Full Employment Act" even for firms headquartered outside the EU.

Dear Solvency ii Professional,

The Solvency II Association has established the Solvency II Speakers Bureau for firms and organizations that want to access the expertise of Certified Solvency ii Professionals (CSiiPs) and Certified Solvency ii Equivalence Professionals (CSiiEPs).

The Solvency II Association will be the liaison between our certified professionals and these organizations, at no cost. We strongly believe that this can be a great opportunity for both, our certified professionals and the organizers.

To learn more:
www.solvency-ii-association.com/Solvency_II_Speakers_Bureau.html

We have a lot of things to do. We have to learn, to know each other, to help each other. We have to be fit and proper at all times.

Become a Certified Solvency ii Professional (CSiiP) and provide independent evidence that you understand the Solvency II framework. This certificate can play an important role in the efforts to satisfy the fit and proper requirements of the directive. 

Membership in the Solvency ii Association indicates that you are someone who cares, learns, and belongs to a global community of risk and compliance management professionals.

At every stage of your education, training and career, our association provides networking, training, certification, information and services you can use.

Membership is free.

Join us. Keep current. Take advantage of the new opportunities. Read our monthly newsletter. Get certified.

Best Regards,


George Lekatis
President of the Solvency ii Association
General Manager, Compliance LLC
1200 G Street NW Suite 800,
Washington DC 20005, USA
Tel: (202) 449-9750
Email: lekatis@solvency-ii-association.com
Web: www.solvency-ii-association.com
HQ: 1220 N. Market Street Suite 804,
Wilmington DE 19801, USA
Tel: (302) 342-8828
 
     
   

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www.solvency-ii-association.com/How_to_become_member.htm

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www.solvency-ii-association.com/Certified_Solvency_ii_Professional.pdf





 
 
 
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The Solvency ii Association has signed an exclusive worldwide partner agreement with Solvency II Training Ltd, so the Association will provide Solvency II Training classes worldwide only in cooperation with Solvency II Training Ltd.

Solvency II Training Ltd is a niche training consultancy, specialising in the provision of Solvency II training programs to organisations & individuals within the European Union (EU), European Economic Area (EEA) & Non-EEA Countries, including the Offshore Financial Centres (OFCs).

For Further Information or to Register for one of our Solvency II Training courses contact:

Solvency II Training Ltd.
Level 33, 25 Canada Square
Canary Wharf, London E14 5LQ
Tel:  +44 (0) 207 060 3312
Fax: +44 (0) 207 681 3317
Email: info@solvencyiitraining.eu
Web: www.solvencyiitraining.eu
 
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