Clicky

Certified Solvency ii Training for the countries of the EEA
Certified Solvency ii Training for countries outside the EEA
Own Risk and Solvency Assessment (ORSA)
Solvency and Financial Condition Report
 
 
Member Benefits                                                                                       Certified Solvency ii Training
How to Become a Member                                                                        Order Your Certificate Of Membership  
Reading Room                                                                                             Contact Us
 
Lifetime Member Solvency II Association
 
Welcome to the Solvency II Association
the largest association of Solvency ii Professionals in the world 

Dear Solvency ii Professional,

After years of debate, skepticism and postponements, Solvency II is set to finally be rolled out in January 2016.

According to Michel Barnier, the Solvency II Directive, already adopted, creates a modern and risk-based prudential regime for insurance and reinsurance undertakings. National regulatory regimes for insurance, which vary greatly, are no longer able to guarantee an efficient internal market and prevent possible future crises.

The Omnibus II directive makes significant modifications to Solvency II, in particular as regards insurance products with long-term guarantees, and adds difficulties to an already difficult implementation.

The European Insurance and Occupational Pensions Authority (EIOPA) has prepared guidelines on how supervisors should act in the period from 1 January 2014 through to January 2016 in preparation for Solvency II.

EIOPA's guidelines for Supervisors are based on Solvency II principles and focus on four key topics: systems of governance, forward looking assessment of own risks, submission of information to supervisors and pre-application for internal models.

Many supervisors in the EU are asking insurers to develop a plan to demonstrate how they will be Solvency II compliant from January 2016.

One of the main challenges for Solvency ii professionals is the procedure for assessing the fitness and propriety of the persons who effectively run the undertaking or have other key functions, both when being considered for the specific position and on an on going basis. Let's understand why.

In accordance with Article 41 of the Solvency II Directive, national competent authorities should ensure that the administrative, management or supervisory body of the undertaking has appropriate interaction with any committee it establishes as well as with senior management and with other key functions in the undertaking, proactively requesting information from them and challenging that information when necessary.

In accordance with Article 246 of the Solvency II Directive, national competent authorities should ensure that at group level, the administrative, management or supervisory body of the responsible entity has an appropriate interaction with the administrative, management or supervisory bodies of all entities within the group, requesting information proactively and challenging the decisions in the matters that may affect the group.

In accordance with Articles 44, 46, 47 and 48 of the Solvency II Directive, national competent authorities should ensure that the undertaking appropriately implements the following key functions: risk management function, compliance function, internal audit function and actuarial function.

In accordance with Articles 44, 46, 47, 48 and 246 of the Solvency II Directive, national competent authorities should ensure that the responsible entity appropriately implements the following key functions: risk management function, compliance function, internal audit function and actuarial function at the level of the group.

In accordance with Article 42 of the Solvency II Directive, national competent authorities should ensure that the undertaking ensures that persons who effectively run the undertaking or have other key functions, including members of the administrative, supervisory or management body of the undertaking, are 'fit' and take account of the respective duties allocated to individual persons to ensure appropriate diversity of qualifications, knowledge and relevant experience so that the undertaking is managed and overseen in a professional manner.

In accordance with Article 42 of the Solvency II Directive, national competent authorities should ensure that the undertaking ensures that the members of the administrative, management or supervisory body collectively possess appropriate qualification, experience and knowledge about at least:

a) insurance and financial markets;
b) business strategy and business model;
c) system of governance;
d) financial and actuarial analysis; and
e) regulatory framework and requirements.

In accordance with Article 41 and 42 of the Solvency II Directive, national competent authorities should ensure that the undertaking has a policy on the fit and proper requirements, which includes at least:

a) a description of the procedure for assessing the fitness and propriety of the persons who effectively run the undertaking or have other key functions, both when being considered for the specific position and on an on going basis;

b) a description of the situations that give rise to a re assessment of the fit and proper requirements; and

c) a description of the fit and proper procedures for assessing other relevant personnel not subject to the requirements of Article 42 of Solvency II Directive according to internal standards, both when being considered for the specific position and on an on going basis.

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

Insurers and reinsurers headquartered outside the EU ('third-country insurers') are also affected.

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 protection as the one provided under the Solvency II Directive.

Dear Solvency ii Professional,

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.

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.

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

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

We update our presentations every 6-12 months.

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
 
     
   

Because Things Happen Every Day

Follow us.
Receive updates, breaking news and alerts every week

Become the Association's friend on Facebook

Follow the Association on Twitter  

  Connect to the Association on Linkedin 



Join the Solvency ii Association. Membership is Free
www.solvency-ii-association.com/How_to_become_member.htm

Member Benefits
www.solvency-ii-association.com/Member_Benefits.htm

Reading Room
www.solvency-ii-association.com/Reading_Room.htm

Download Our Brochure about our designation: Certified Solvency ii Professional (CSiiP)
www.solvency-ii-association.com/Certified_Solvency_ii_Professional.pdf





 
 
 
Receive the New Member Orientation Newsletters.
Understand Solvency II
You will have the opportunity to learn what members registered before you have already learned. Understand better the Solvency II Directive, the environment, the projects, new jobs and careers, challenges and opportunities.




Every Monday
Top 10 risk and compliance management related news stories and world events


Do you want to receive every Monday the Top 10 risk and compliance management related news stories and world events that (for better or for worse) shaped the week's agenda, and what is next?

You may submit the form that follows. We meet strict national and international privacy standards. You can unsubscribe at any time.




 

Privacy and Compliance with the Federal Trade Commission Fair, the California Online Privacy Protection Act, the Children Online Privacy Protection Act, the Privacy Alliance, the Controlling the Assault of Non-Solicited Pornography and Marketing Act, DMCA, Terms and Conditions, Disclaimers, Legal etc.
www.solvency-ii-association.com/Privacy.htm

 
Security Verified Certified Seal Privacy Seal Business Verified