Solvency II Clarification of current regulations

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1 Clarification of current regulations SIX Financial Information 24th of Jette Lunding Sandqvist, Actuary, Director Revision. Skat. Rådgivning.

2 Agenda What s in focus? A view from an actuary What s happening regarding (SII) What s happening in Denmark April Solvency 2014 II 2

3 What s happening regarding SII 3

4 SII - setup 4

5 SII will be implemented the 1th of January

6 SII - 3 Pillar approach 6

7 7

8 EIOPA Guidelines The EIOPA guidelines from the 27 th of September 2013* with interim measures in the following areas: 1. System of governance 2. Forward looking assessment of the insurer s own risks (based on ORSA principles) 3. Reporting to regulators 4. Pre-application for internal models guidelines for the preparation of *) Den 31. oktober blev de offentliggjort på dansk 8

Forward looking assessment of the insurer s own risks (based on ORSA principles) 3.

9 What s happening in Denmark 9

10 In Denmark we focus on Ensartet kundebeskyttelse 10

11 Bekendtgørelse om solvens og driftsplaner On 101 pages including 5 appendix 1. Calculation of the solvency demand using the standardmodel 2. Calculation of the solvency demand using the standardmodel with UserSpecificParameters 3. Calculation of the solvency demand using partiel or full internal model 4. The Risk assesment, policy and documentation 5. Transitional rules 11

Calculation of the solvency demand using the standardmodel with UserSpecificParameters 3.

12 In Denmark we focus on Ensartet kundebeskyttelse Bekendtgørelse om solvens og driftsplaner In force by 1st of January

13 Life Insurance: Calculation of life provisions A Markov model: 7 stage model ( 7 tilstandsmodellen ) Genkøb Aktiv Invalid Død Aktiv (fripolice) Invalid (fripolice) Død (fripolice) Full stochastic model dependent on the Financial situation 13

Invalid Død Aktiv (fripolice) Invalid (fripolice) Død

14 Life Insurance: 7 stage model Challenge with the 7 stage model Will surrender and paid up policies depend on the financial situation? Will more people get unemployed? Will people need money and try to surrender? Modeling of management actions 14

financial situation? Will more people get unemployed?

15 In Denmark we focus on Ensartet kundebeskyttelse Bekendtgørelse om solvens og driftsplaner Reporting by Q

16 Reporting templates Bekendtgørelse om solvens og driftsplaner In Denmark the first reporting is in Q (part of EIOPA Quarterly Reporting Templates). The EIOPA Guidelines for reporting is in fact Q

2014 (part of EIOPA Quarterly Reporting Templates).

17 Take note of 17

18 Take note of A lot of things is going on: Both in Europe and in Denmark Stay in touch with the actuaries and the CRO Look at EIOPA s homepage - but often that is too late Know your colleagues taking part in the work in Forsikring & Pension. They get the information s beforehand, where changes are possible Be aware of how you calculate the interaction between the financial situation and policyholder behavior in your company 18

19 Any questions? Jette Lunding Sandqvist Director, aktuar, FS T M E jls@pwc.dk Denne publikation er udarbejdet alene som en generel orientering om forhold, som måtte være af interesse, og gør det ikke ud for professionel rådgivning. Du bør ikke disponere på baggrund af de oplysninger, der er indeholdt i denne publikation, uden at indhente specifik professionel rådgivning. Vi afgiver ingen erklæringer eller garantier (udtrykkeligt eller underforstået) hvad angår nøjagtigheden og fuldstændigheden af de oplysninger, der findes i publikationen, og, i det omfang loven tillader, accepterer eller påtager PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab, dets aktionærer, medarbejdere og repræsentanter sig ikke nogen forpligtelse, ansvar eller agtpågivenhedspligt for eventuelle konsekvenser, som følger af, at du eller andre handler eller undlader at handle i tillid til de oplysninger, der findes i publikationen, eller for eventuelle beslutninger truffet på baggrund af publikationen PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab. Alle rettigheder forbeholdes. I dette dokument refererer til PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab, som er et medlemsfirma af PricewaterhouseCoopers International Limited, hvor hver enkelt virksomhed er en særskilt juridisk enhed.

Du bør ikke disponere på baggrund af de oplysninger, der er indeholdt i denne publikation, uden at indhente specifik professionel rådgivning.

20 Something to look at. 20

21 Open EIOPA Consultations JC/CP/2014/03 EBA, ESMA AND EIOPA s JOINT CONSULTATION PAPER RELATED TO THE DRAFT TECHNICAL STANDARDS ON RISK-MITIGATION TECHNIQUES FOR OTC-DERIVATIVES (end on 14 July 2014) CP-14/010 CONSULTATION PAPER ON THE GUIDELINES ON THE OPERATIONAL FUNCTIONING OF COLLEGES OF SUPERVISORS (end on 30 June 2014) Public consultation on the Set 1 of the Implementing Technical Standards (ITS) CP-14/004 Consultation Paper on the proposal for ITS with regard to the procedures to be used for granting supervisory approval for the use of ancillary own-fund items (end on 30 June 2014) CP-14/005 Consultation Paper on the proposal for ITS on Internal Models approval processes (end on 30 June 2014) CP-14/006 Consultation Paper on the proposal for ITS on the process to reach a joint decision for group internal models (end on 30 June 2014) CP-14/007 Consultation Paper on the proposal for ITS on the procedures to be followed for the approval of the application of a matching adjustment (end on 30 June 2014) CP-14/008 Consultation Paper on the proposal for ITS on special purpose vehicles(end on 30 June 2014) CP-14/009 Consultation Paper on the proposal for ITS with regard to the supervisory approval procedure to use undertaking-specific parameters (end on 30 June 2014) JC/CP/2014/02 EBA, EIOPA and ESMA s joint consultation paper related to the draft Guidelines on the convergence of supervisory practices for financial conglomerates (end on 12 June 2014) JC/CP/2014/01 EBA, EIOPA and ESMA s Joint Consultation Paper related to the Draft Implementing Technical Standards on the mapping of ECAIs credit assessments (end on 5 May 2014) 21

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