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Solvency II News May 2012

Solvency II News May 2012

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Published by George Lekatis
Solvency ii Association
http://www.solvency-ii-association.com

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

Register to receive Solvency II / Omnibus II related alerts, opportunities, updates, our monthly newsletter and limited time offers for our Solvency II / Omnibus II Training and Certification programs:
http://forms.aweber.com/form/28/1910009328.htm
Solvency ii Association
http://www.solvency-ii-association.com

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

Register to receive Solvency II / Omnibus II related alerts, opportunities, updates, our monthly newsletter and limited time offers for our Solvency II / Omnibus II Training and Certification programs:
http://forms.aweber.com/form/28/1910009328.htm

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Categories:Types, Business/Law
Published by: George Lekatis on Jun 14, 2013
Copyright:Attribution Non-commercial

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03/17/2014

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Solvency ii Association
 
1200 G Street NW Suite 800 Washington, DC 20005-6705 USATel: 202-449-9750www.solvency-ii-association.com
 
Dear member,
 
Today we will start from a very interesting interview withGabriel Bernardino, Chairman of EIOPA
 
Interview with Gabriel Bernardino, Chairman of EIOPA
 
conducted by Anke Dembowski, Institutional Money (Germany)
 
Insurance companies vs.Occupational Retirement Provision(IORPs)
 
EIOPA has submitted its advice for theOccupational Retirement Provision(IORP)'directive on 15th of February 2012.
 
What is EIOPA's standpoint in this advice?
 
The intention is not to have a copy - pasteexercise between Solvency II and thepensions directive.
 
The intention is to find out the elementsthat
in terms of risk
are similar betweenthose two.
 
If risks are similar, you should treat them ina consistent way.
 
Solvency ii Associationwww.solvency-ii-association.com
 
And if risks are different, you should treat them in a different way. Th
at’s
 what we advocate in this advice.
 
Which are the main differences between pensions and the insurancesystem?
 
One of the differences is the type of involvement the sponsor company,
 
i.e. the employer has in the pension fund.
 
If there is a need for more capital within an insurance company, theshareholders are often subject to a limited liability regime.
 
This is different in the pension fund area.
 
Here, you don't have a transfer of the risk to the pension fund.
 
The fund is only a vehicle to finance the responsibilities of the employer.Consequently, if there is a need for capital, the employer may be requiredby social and labour law to put the money in.
 
 You want to introduce a holistic balance sheet. How does that look like?
 
At the regulation level, we need to take these differences into account.That's why we are trying to develop the concept of aholistic balance
 
sheet,where we integratenot only the market value of the assets, butalso the economic value of the liabilities.
 
In addition, we are integrating other elements that take account of thespecificities of the pension area.
 
And there aredifferent elements in each country.
 
For example, the Dutch system, where you have the possibility to cutback the pension benefits retroactively.
 
Solvency ii Associationwww.solvency-ii-association.com
 
Or take the systems where you can reduce the indexations of thepensions for the future, et cetera.
 
These specifications have an effect on the value of the liabilities, and youneed to take it into account for the holistic balance sheet.
 
And which similarities do you see between pensions and insurancecompanies?
 
For example,all the elements about governance, risk management andtransparency.
 
We firmly believe that the sound principles of Solvency II can also beapplied in a context of pension funds - provided of course, that you takeinto account the necessaryproportionality.
 
We are aware that there are many pension schemes that are quite smalland that we cannot fully apply in a mechanistic way all the goodprinciples of governance, risk management and control to them.
 
What is the timeframe for the Solvency II and the pension directive?
 
Solvency II has already been discussed for many years and we are now inthe last phases of implementing measures.
 
Weintend to have the Solvency II framework implemented in 2014.
 
On theIORP side, the process is still at an early stage.
 
As you have mentioned in the beginning, the European Commission hasasked us a long list of questions in a call for advice and we have answeredthem, on 15th of February.
 
We believe that several tests need to be made, especially on thecalculation of the technical provisions and of the solvency requirements.
 
Solvency ii Associationwww.solvency-ii-association.com

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