Solvency II: "CP92" Requirements and SAI Practising Certificates
As well as Actuaries, this meeting will be of interest to CEOs, CROs, CFOs, (I)NEDs and other Directors, and Senior Managers of life and non-life (re)insurance undertakings. Please note that there will NOT be a charge for attendance.
Through its Consultation Paper 92 (CP92), the Central Bank consulted earlier this year on specific domestic Requirements relating to the Actuarial Regime and associated Governance Arrangements under Solvency II.
At this meeting, key aspects of the new Requirements will be examined. We will also set out the new practising certificate framework being introduced by the Society of Actuaries in Ireland for the roles of Head of Actuarial Function and Reviewing Actuary. Attendees will gain insights into:
- The responsibilities of the Head of Actuarial Function, which will include the tasks called out for the Actuarial Function under Solvency II and further responsibilities set down in the Central Bank’s Requirements. Some elements of the “CP92 Requirements” were introduced for non-life (re)insurance undertakings in the 2014 “Reserving Requirements for Non-Life Insurers and Non-Life and Life Reinsurers”. However, the new role of Head of Actuarial Function is significantly different to the role of Signing Actuary prescribed under the Reserving Requirements;
- How the interconnectedness between the Solvency II Actuarial Function and Risk Function will be addressed in the Requirements;
- The peer review role of the Reviewing Actuary;
- Requirements relating to Reserving Committees and reserving policies;
- The competencies and experience that will be expected of Heads of Actuarial Function and Reviewing Actuaries, and how the Society can help undertakings to form a view on the suitability of candidates for the roles.
The speakers will include Mark Burke, Head of Division within the Insurance Supervision Directorate of the Central Bank of Ireland, and Declan Lavelle, Council Member of the Society of Actuaries in Ireland and Chair of the Society’s Solvency II Committee and Solvency II Practising Certificates Working Party.
To access podcast please contact the Society: info@actuaries.ie