Mind the Gap – Reporting in the Solvency II world
The requirements for reporting under Solvency II are significantly more than the existing regulatory regime.
How are the boards and management reacting to the significant increase in information, and how equipped are they to address the requirements for timely production of this information? In this session, we will attempt to answer some of these questions, and share our experience on the emerging “best in class” practices for SII reporting.
1. Introduction
1.1. Overview of Pillar 3 requirements
1.2. Requirements for quantitative, qualitative and opening information submissions
2. Pillar 3 challenges and industry approaches
2.1. The multiple dimensions of Pillar 3 reporting
2.2. How SII reporting fits with the existing reporting requirements
2.3. Operational and Resource challenges for insurers on implementing their Pillar 3
3. What insurers need to do?
3.1. Developing a reporting suite
3.2. Sourcing of information
3.3. Validations and controls
3.4. Policies and documentation
3.5. Developing synergies for the end-state model
4. Solvency II Technology
4.1. The benefits (and costs) of “patching” up your existing solutions versus investing in a specialised Solvency II solution.
4.2. XBRL T4U
4.3. IT solutions available in the market
4.4. Snapshot of reporting solutions across the market and IT vendor survey
5. Industry preparedness on Pillar 3, and Deloitte’s learnings from experience across EMEA.
To access podcast please contact the Society: info@actuaries.ie
Carol Lynch is a qualified Chartered Accountant, and works as a Director in Deloitte’s Financial Services. She is the Solvency II lead in Deloitte Ireland, and specialises in the provision of assurance and advisory services to clients in the insurance sector. Carol has advised a large number of Irish insurers to comply with the Solvency II requirements across all three pillars.
Maaz Mushir is an FSA and CERA with over 10 years of experience in life insurance and actuarial consulting. He works as a Manager for Deloitte, and has advised a number of insurers to implement their Solvency II projects, including complying with the Pillar 3 reporting and disclosure requirements.
John Kilbride is a Senior Manager at Deloitte, and has over 15 years of experience supporting Financial Services clients to define strategy, develop products and services and deliver change to improve profitability, operational effectiveness and achieving regulatory compliance. He is Deloitte’s EMEA Solvency II programme manager where his role is to bring together Deloitte’s knowledge capital across Europe on Solvency II.