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Today we will start from Gabriel Bernardino.He gives us a good understanding of where we are.He said:The EU is faced with an outdated and fragmented regulatory regime in insurance.Solvency II has been developed during the last 13 years to answer to concrete needs.It increases policyholder protection by using the latest developments in risk-based supervision, actuarial science and risk management.We should be proud that Solvency II is based on sound core principles.Obviously, the financial crisis had a number of consequences on Solvency II.Some lessons were incorporated early on in the regime, but other challenges are still creating uncertainties on the final design and calibration.The huge market volatility proved to be a challenge in a market-consistent regime, especially for long-term guarantees.The sovereign crisis led to questions on the concept of the risk-free rate.The changes in banking regulation create pressure on the role of insurers as providers of long-term bank funding.The low interest rate environment is threatening some insurance business models, especially in life insurance.This year will be a crucial year for Solvency II.So, what are we doing?Following the agreement by the EU political institutions, EIOPA have launched the long-term guarantee assessment that aims to test various measures that have been discussed in the Omnibus II negotiations.We are encouraged by the level of participation in the different member states, covering big, medium and smaller players.read more
George Lekatis is the General Manager of Compliance LLC, a leading provider of risk and compliance training and executive coaching in 36 countries. George has more than 17,000 hours experience as a professional speaker and seminar leader. He has worked for more than 18 years as a management consultant and educator and has demonstrated exceptional presentation and communication skills. George is the president of the Basel ii Compliance Professionals Association (BCPA, www.basel-ii-association.com), the largest association of Basel ii professionals in the world, and the Basel iii Compliance Professionals Association (BiiiCPA, www.basel-iii-association.com), the largest association of Basel iii professionals in the world. George is also president of the Sarbanes Oxley Compliance Professionals Association (SOXCPA, www.sarbanes-oxley-association.com), the largest Association of Sarbanes Oxley professionals in the world George is an expert witness, qualified to investigate and testify about risk and compliance management standards, policies, procedures, best practices, due care and due diligence.read more
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