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Reinsurance Directive Training and Presentations
On 16
November 2005, the Council and the European Parliament adopted
Directive 2005/68/EC on reinsurance. The
Directive forms part of the European Union’s
Financial Services Action Plan, which aims to create a single
market in financial services in the European Union.
According to Article 64 (1), the
deadline for transposing the Directive is the
10th of
December 2007
There
are definitely challenges, but also
opportunities after December, 2007. This directive gives you
the freedom to passport your services. Upon
authorization, reinsurers are able to carry out business in any of the EEA States either through a branch, or directly under the freedom to
provide services.
Although Special Purpose Vehicles (SPVs)
are not reinsurance undertakings,
they do
conduct reinsurance-like activities. SPVs receive their authorisation
in accordance with Article 46. Member States can ask for supplementary
supervision within the scope of their national legislation. We will
discuss the risks and the opportunities of using
SPVs.
Reinsurance allows direct insurance
undertakings have a higher underwriting capacity and reduce their
capital costs. It plays a very important role in the global financial
system. The interaction of the Reinsurance
Directive with Solvency ii is a very important part of this
presentation.
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Compliance LLC is
pleased to offer
an exciting range of new training
and consulting services. We can help your organization understand
better the Solvency ii and the Reinsurance Directives in the context
of the Financial Services Action Plan of the European Union.
What
we can do for you:
In-company Awareness, Training and
Presentations. The first choice for many companies. Fully tailored
training, presented exclusively for your own people. We will work
on your premises or at a venue of your choice, on a fixed fee per
day, for teams from 2 to 50.
Fully tailored training,
presented exclusively for your own people
We can discuss your goals and objectives, and after that we can
choose some of the modules below, or develop for your organization
new modules (at no extra cost).
1.
Presentations for the Board of Directors and Executive Management
60-180 minutes
2.
Overview of the Solvency ii and / or the Reinsurance Directives
One day
3.
Tailor made presentations and training
Let us know what you
need
4. The following 3
days course
Course Title
Preparing for the Solvency ii
and the Reinsurance directives: Implementation and Compliance Training
Objectives:
The seminar has been designed to
provide with the knowledge and skills needed to understand and
support compliance with both, the Solvency ii and the Reinsurance
directives
Target Audience:
This course is intended for managers
and professionals from:
-
Compliance
-
Legal
-
Risk Management
-
Internal Audit
-
Errors and
omissions avoidance
-
Clients
-
Advisers
-
Underwriters
-
IT
-
Risk and Management
Consultants
This course is recommended for the
directors, managers and professionals who not only require a clear
understanding of Solvency ii and the Reassurance directives, but also want to discuss how to use
these obligations as opportunities and competitive advantage.
Duration:
3 Days, 09:00 to 17:00
Course Synopsis:
Introduction - From Solvency i to
Solvency ii
-
The current
Solvency I framework and the calculation of capital requirements
-
Too
simple, no risk sensitive
-
Differences across
Europe
-
Lessons learned
from 2002 – 2003 and from insurance company failures
-
Need for better
risk management
Solvency ii: An Overview
-
DIRECTIVE …/…/EC of […] on the taking-up and pursuit of the
business of Insurance and Reinsurance
-
General rules on the taking-up and
pursuit of direct insurance and reinsurance
-
Subject matter, scope and definitions
-
Scope and exclusions from scope
-
Non-life, life, reinsurance
-
Authorisation
-
Supervisory authorities and powers
-
Group supervision: Definitions, cases
of application, scope and levels
-
Supervision of group solvency
-
Public disclosure
-
Report on solvency and financial condition
-
Competencies of the supervisory authorities of the
host member state
-
Insurance and reinsurance undertakings in
difficulty or in an irregular situation
Right of establishment and freedom to provide services
-
Provisions specific to non-life
insurance
-
Provisions specific to life
insurance
Solvency ii:
Corporate Governance
-
Responsibility of the administrative or
management body
-
System of governance
-
General governance requirements
-
Risk management
-
Own risk and solvency assessment
-
Internal control
-
Internal audit, duties of auditors
-
Pursuit of life and non-life insurance activity
-
Separation of life and non-life insurance management
-
Risk management and internal control
-
Mixed-activity insurance holding companies
-
Intra-group transactions
Solvency Capital Requirement,
valuation and calculations
-
Rules relating to the valuation of assets
and liabilities, technical provisions, own funds,
solvency capital requirement, minimum
capital requirement and investment rules
-
Valuation of assets and liabilities
-
Own funds
-
Determination and classification of own funds
-
Solvency Capital Requirement
-
Requirement using the standard formula
or an internal model
-
Calculation of the solvency capital
requirement
-
Value-at-risk measure, with a 99.5% confidence level, over a one
year period
-
Capital requirement for operational risk
-
Minimum capital requirement
-
Calculation of the basic solvency capital
requirement
-
Calculation of the non-life underwriting
risk module
-
Calculation of the life underwriting risk
module
-
Calculation of the special health
underwriting risk module
-
Calculation of the market risk module
Solvency ii and third countries
-
Parent undertakings outside the community:
verification of equivalence
-
Parent undertakings outside the community:
absence of equivalence
-
Parent undertakings outside the community:
levels
-
Cooperation with third countries supervisory authorities
Final provisions and Transposition
The Reinsurance Directive: An
overview
-
Directive 2005/68/EC of 16 November 2005 on reinsurance
-
Reinsurance,
Captive Reinsurance Undertakings, Finite Reinsurance
-
Authorisation
-
Principles and methods of financial supervision
-
Competent authorities
-
Supervision of branches established in
another Member State
-
Duties of auditors
-
Rules relating to the solvency margin and to
the guarantee fund
-
Required solvency margin for non-life
reinsurance activities
-
Required solvency margin for life
reassurance activities
-
Reinsurance undertakings in difficulty or in
an irregular situation and withdrawal of authorisation
-
Special purpose vehicles
-
Reinsurance undertakings not complying
with the legal provisions
-
Principle and conditions for conducting reinsurance business
-
Third countries
-
Committee procedure - The European Insurance and Occupational
Pensions Committee
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Reinsurance supervision in the EU
-
Calculation of the adjusted solvency of insurance undertakings and
reinsurance undertakings
-
Transposition
Solvency
ii -
The
Interpretations
-
The Lamfalussy Process
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From Level 1 to Level 2
-
EIOPC
- The Level 2 Committee
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CEIOPS - The Level 3 Committee
-
Level 4 challenges
Insurance
and Reinsurance in the EEA and the World
-
Solvency ii, the Reinsurance Directive and countries of the European Economic Area
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Solvency ii, the Reinsurance Directive and countries outside the European Economic Area
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Solvency ii, the Reinsurance Directive and the Offshore Financial Centers (OFCs)
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Solvency ii, the Reinsurance Directive and the USA
Solvency ii and the Reinsurance Directive,
and other Directives
Tomorrow
The course can be tailored to meet specific needs
Our Policy
Fixed fees, fixed terms. You know the exact final cost. Everything
is included in this price (expenses, flights, tax etc.). There is no
exception – you know exactly the cost. Consulting or training, it
will never cost more.
Example:
For George Lekatis, General Manager and Chief Compliance Consultant
of Compliance LLC.
Fee
for
Training:
US$ 13,800 for 3 days (and $ 2,000 for each additional day) - final
cost (any place in Europe, Asia or America, for teams from 2 to 50).
This fee includes tax, expenses, hotels, flights, everything.
For other trainers the
fee may be different.
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