- City of London
“Solvency II was too long in the making and expensive to implement for both regulators and industry. But that is the past. Broadly, it is now working well.”
David Rule, Executive Director of Insurance Supervision, Bank of England – Feb 2017
Solvency II is the regime that governs prudential regulation of all insurance companies throughout Europe. It came into force on 1 January 2016 with the objective of delivering an enhanced framework of protection for policyholders. It brought with it a number of features designed to improve regulated firms’ resilience to shock events by improving their understanding and management of risk.
This course is a high-level introduction to solvency II for those working in the insurance sector in non-specialist roles, but who are impacted by the wider implications associated with effective risk management. It provides a broad overview of the subject and introduces delegates to the language and terminology commonly used within the Solvency II regime.
The importance of gaining a clear and concise understanding of Solvency II
Identify your key post-course action points which will form the basis of a time bound action plan.
Be better informed about the consequences of Solvency II for you and Your Business area, identifying the other stakeholders with whom you will need to interact.
Be more confident when discussing Solvency II either within your business, or outside in the wider industry.
Understand the important risk management and governance issues that you need to master in order to be Solvency II compliant.
The Course Agenda
The purpose of Solvency II – how and why?
- Explain how and why Solvency II came about
- Explore Solvency II’s implications for UK insurers
- Understand the regulatory expectations of Solvency II and how these align with the concept of principles-based regulation
The structure of Solvency II – The Three Pillars
- Explore the purpose and high-level workings of Solvency II’s Three Pillars
- Understand the terminology used in the context of Solvency II
- Describe the key structural elements that make up Solvency II’s basic framework
- Examine the data and reporting requirements associated with each of the Three Pillars
Focus on Pillar 3 – risk management and governance
- Understand the purpose and role of the Own Risk and Solvency Assessment (ORSA).
- Explore the interaction between effective risk management, proper governance and capital requirements
- Examine the likely impact of Solvency II and risk management on the everyday operation of the business
What does it mean for you?
- Explore the likely implications for you and your business area
- Consider the next steps that you will take in relation to Solvency II and its relationship with your business area and other stakeholders who you interact with
- Formulate a basic action plan to assist in ordering priorities and setting time-bound objectives
Meet The Tutor
Director Of Learning
Richard has a proven track record in regulatory compliance and risk management, both as a practitioner and as a trainer. Before becoming an independent consultant in 2011, Richard spent nearly 25 years’ working for Bupa in a variety of senior management roles. The last 10 years’ were spent as Head of Compliance and Policy Development for Bupa’s insurance division. In that time he was closely involved in the development of a number of key regulatory initiatives including the business’s preparations for Solvency II implementation. As a consultant, Richard has also assisted a number of clients in understanding Solvency II particularly in relation to the practical application of Pillar 2 which sets out requirements for the governance, risk management and effective supervision of insurers.
Who is this course for?
It’s perfect for anyone who receives or prepares board papers, including:
• Company Secretaries
• Executive/Non-executive Directors
• Significant Influence Functions holders in FCA regulated firms
• Senior Compliance and Business Managers
Training that makes a difference
Packed with relevant information
We know you’re busy, so we’re careful not to waste a minute of your time. Our training courses are fast paced, insightful and filled with valuable information.
Experienced engaging trainers
With first hand industry knowledge and an intimate understanding of the regulatory environment, we always guide you with an expert (and friendly) hand.
Get personalised attention
Sessions are practical workshops not PowerPoint lectures. All courses are limited to no more than 14 attendees, so we’re able to explain concepts in the context of your business.