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Solvency II News May 2011

Solvency II News May 2011

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Published by George Lekatis
Solvency II News May 2011.

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 News May 2011.

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, Research
Published by: George Lekatis on May 19, 2011
Copyright:Attribution Non-commercial

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Solvency ii Associationwww.solvency-ii-association.com
Solvency ii Association
1200 G Street NW Suite 800 Washington, DC 20005-6705 USATel: 202-449-9750 www.solvency-ii-association.com
Solvency II News, May 2011
Dear Members,
 
EIOPA has a better sense of humor. Below is one interesting slide
 – 
 from the official thoughts on the impact of Solvency II: The same time, companies try hard to find
“fit and proper”
risk managers, compliance officers and auditors. Fortunately, most actuaries
are 
qualified.Risk managers experience a massive increase in their take-home pay asa result of the Solvency II projects.Below is an interesting job description.
 
Solvency ii Associationwww.solvency-ii-association.com
Risk Manager is needed, that will:1. Provide specialist support to the Risk Team in the delivery of agreedSolvency II development and implementation plans,2. Embed new or enhanced risk processes and be accountable forassigned project plan deliverables relating to Solvency II processes.3. Design and execute the risk oversight framework for the InternalModel and supporting processes, including the drafting of oversightreports.InterestingFirms continue to lobby,to influence the final implementation of thedirective.Below there is an interesting example:
 
Lloyd's lobbying
Overview of Lloyd's Solvency II lobbying activities
 We want Solvency II to recognise Lloyd's unique structure andoperations.
 We don‟t want Solvency II to put the market at a competitive
disadvantage.For this reason,
Lloyd‟s has been and is highly engaged in activity to
influence the development of Solvency II legislationin Europe,alongside organisations such as the CEA in Brussels and the ABI andthe IUA in London.It is important for Lloyd's to retain an independent voice in the debateon Solvency II as well as influencing the input of bodies such as theCEA.
 
Solvency ii Associationwww.solvency-ii-association.com
 Although its positions are closely aligned with those of other insurers,there can be subtle, yet important, differences in emphasis and prioritisation.
„Lloyd‟s focus is on the regime‟s impact on non
-life insurers whereassome other major insurers in the UK and Europe aremore concernedabout proposals for the treatment of annuities and other issues primarilyof interest to life insurers.
Lloyd‟s also aims to ensure that policymakers in the UK are
aware of its views.
Lloyd‟s is represented at high
-level meetings with the FSA and atministerial level to address key industry concerns regarding Solvency II.On 5 January 2011, Sean McGovern, Lloyd's Director, sent a letter toManaging Agents' CEOs and FDs with a view to providing an update onthe Lloyd's lobbying approach for the development of Solvency II.Lloyd's aims To ensure that:
• The Market‟s unique structure including regulatory recognition as a
unitary organisation is preserved.
• The standard formula does not impose excessive capital requirements
on undertakings.
• Internal model tests, standards and approval processes are reasonable
and proportionate.
• The types of asset commonly held in the market are appropriately
recognised.
• Additional administrative burdens on insurers are minimised.

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