Peter Skinner, Lead Rapporteur, European Parliament, MEP. Olav Jones, Head of Insurance Risk, Paolo Cadoni, Solvency II Office, FSA

Transcription

1 Brussels, November 2007 The Solvency II and risk management conference will provide practical advice on the implications of the new Solvency II directive; and will offer industry leading sessions on managing insurance risk under the new guidelines to optimise your capital. Latest QIS 3 Results CONFERENCE HIGHLIGHTS INCLUDE: Updates from regulatory boards across Europe Streams focused on capital management, infrastructure, new products and developments and effective asset and liability management through investment The latest QIS 3 results and Solvency II directive developments The impact of Solvency II on third country groups EXECUTIVE KEYNOTE ADDRESSES FROM: Peter Skinner, Lead Rapporteur, European Parliament, MEP Karel van Hulle, Head of Unit, Insurance and Pensions, EUROPEAN COMMISSION Plus, the programme is packed with leading European experts including: Attending will enable you to: Examine the ramifications of the QIS 3 results with Raj Singh, Chief Risk officer ALLIANZ Develop insurance products and apply Solvency II to non- European parties Understand how risk management tools are evolving Analyse the separate pillars of Solvency II with Carlos Montalvo, CEIOPS and Thomas Schubert, GERMAN INSURANCE ASSOCIATION Hosted by: Olav Jones, Head of Insurance Risk, Fortis Bank Paolo Cadoni, Solvency II Office, FSA Principal Consultant Sponsor: Vesa Ronkainen, Research Actuary, Insurance Supervisory Authority Finland Raj Singh, Chief Risk Officer, Allianz AG 3 easy ways to register w: solvencyiiandrisk.com t: +44 (0) e: conf@incisivemedia.com Register at:

2 February Brussels, November 2007 Principal Consultant Sponsor: Solvency II is the biggest challenge insurers will face over the next five years. It will have wide reaching consequences for many areas of the business including risk, actuarial, finance, operations and IT functions. The regulation is intended to deliver a comprehensive new framework within which European insurance and reinsurance firms operate. However, the European Union believe what they are establishing will be the model for the world. The introduction is a highly complex and challenging process. It is also a process with which KPMG firms have been heavily involved. No matter what your organization s position within the Financial Services market, KPMG member firms have the knowledge to help you. Our member firms serve around 20,000 financial institutions globally, from many of the world s largest banks, insurance companies and fund managers, to mid-sized national players and small-scale specialists, including Islamic financial institutions. KPMG has a network of highly experienced professionals dedicated to the financial sector. This network structure helps to ensure our member firms can deliver projects locally or globally, according to client requirements. KPMG s Global Insurance practice was named by Reactions Magazine as the Best Accounting Firm of the Year Peter de Groot, Partner, Head of Financial Management, KPMG in the Netherlands Tel degroot.peter@kpmg.nl About our Keynote speakers: This is a great journal for any corporate finance or pension professional who needs to keep up to date on global topical developments in pensions and pensions risk David Blackwood, Group Treasurer, ICI Plc Peter Skinner, Lead Rapporteur, European Parliament, MEP Peter Skinner has been a Member of the European Parliament since 1994, first representing Kent West, before being elected an MEP for the South East Region. Mr Skinner has been a Member of the Economic and Monetary Affairs Committee (ECON) for 10 years and has been the European Parliamentary Labor Party s spokesperson with strong links to the UK Treasury. He is currently the Rapporteur (Parliamentary Sponsor) for the Solvency II Directive and is also working on issues relating to EU/USA economic co-operation. Peter chairs EPIC, the European Parliamentary Insurance Caucus. He is a substitute Member of the Industry, Research and Energy Committee. His previous work in the Parliament includes the Reinsurance Directive, the Transparency Obligation Directive (reporting standards in securities) and work in the area of International Financial Reporting Standards (FRS). Further, he is a senior Member of the US Delegation and regularly visits the US to discuss trade issues and financial services with senior members of the administration and congressmen active in Financial Affairs FREE TRIAL Life & Pensions the only magazine that focuses on risk, capital, finance and valuation for the life and pensions industry. Visit life-pensions.com/trial to apply for your free two-issue free trial. life-pensions.com Karel van Hulle, Head of Unit, Insurance and Pensions, EUROPEAN COMMISSION Karel Van Hulle is a lawyer by training and is Head of Unit at the European Commission (Directorate-General Internal Market and Services ), which he joined in 1984 after having served 8 years with the Belgian Banking Commission. He was subsequently Head of Unit for Accounting Standards, Head of Unit for Financial Reporting and Company Law and Head of Unit for Accounting and Auditing. In that capacity he was closely involved with harmonisation in the fields of accounting, auditing, and company law both at EU level and internationally and served as the Commission s observer with the International Accounting Standards Committee. He was Secretary of the High Level Group of Experts on Company Law which prepared the Commission s 2003 Action Plan on Company Law. Since November 2004, he has been Head of the Insurance and Pensions Unit. In his present function, his main responsibility is the preparation of a new solvency regime for insurance and reinsurance companies (Solvency II). Sponsorship opportunities: Sponsoring or exhibiting at the Solvency II and Risk Management conference will enhance your organisation s presence and enable you to maximize your profile with the right audience. To discuss a tailor-made package to suit your requirements, please contact Antony Chambers on tel: +44 (0) or Antony.Chambers@incisivemedia.com To register: visit: call: +44 (0) conf@incisivemedia.com

3 Brussels, November 2007 welcome Who you will meet Dear Executive, I am proud to present the full program for this year s Solvency II and Risk management conference which will once again be held in Brussels - the stage for the Solvency II debate. Over two days we will cover the essential and practical tools you need to successfully develop and direct your group while preparing for the Solvency II directive. To make sure you get maximum value out of your event, we have developed and agenda that offers a choice of streams: If you have the following job titles you should not miss this opportunity to hear from leading practitioners on the industry s latest developments: Actuary Chief financial officer o n e Developing insurance products & examining life risk T w o Calculating and managing capital under Solvency II T H R E E Developing a robust infrastructure in line with Solvency II F o u r Effective asset and liability management and investment opportunities available Chief Investment Officer Chief risk officer Financial director Of course, as always, Life & Pensions magazine will also be bringing you the hottest and most widely editorially debated topics including: The latest QIS results Internal models and asset allocation Insurance groups in Solvency II The evolution of risk management tools under Solvency II The impact of Solvency II on new product development Hedging, securitisation and reinsurance in Solvency II At Life & Pensions magazine we are proud of our reputation. We always aim to deliver the most educational and topical sessions presented by top quality speakers from across the EU. This year s event will continue to provide an open forum for the exchange of ideas against a backdrop of expertise and experience. I look forward to welcoming you to the event in November. Yours faithfully, Head of ALM Head of Audit/risk/ compliance Head of capital allocation Head of insurance risk Head of treasury operations Risk manager Solvency II project manager Nick Dunbar Editor Life and Pensions magazine To register: visit: call: +44 (0) conf@incisivemedia.com

4 day 1 November 12, :30 Registration and breakfast 9:00 Chairman s opening remarks Jane Leach, UK head of financial risk services, KPMG 9:10 Keynote address: The next step for Solvency II where will Parliament head next? Peter Skinner, Lead Rapporteur, European Parliament, MEP 9:50 INDUSTRY UPDATE from CEIOPS: The roadmap to Solvency II The development of Solvency II from the CEIOPS perspective and what to expect Carlos Montalvo, Secretary General, CEIOPS KEYNOTE 10:30 Morning break 11:00 The latest quantitative impact study results: QIS 3 and the ramifications for insurance groups A cross-border examination of the QIS 3 results across the EU Proportionality principle: simplifications of technical provisions for smaller groups Calibrating the parameters to achieve an optimal standard model What is to be expected in QIS 4 and are the QIS results truly reflective of the insurance industry? Raj Singh, Chief Risk Officer, ALLIANZ AG 11:40 Transparency requirements in line with the IFRS exposure draft Ensuring the directive is in line with the internal accounting developments Valuing liabilities on present value Taking profit into account on the balance sheet Maintaining a competitive playing field and recognising expected profits Philip Smart, Head of Financial Services Technical Advisory Team, KPMG 12:20 Lunch and opportunity to network Developing insurance products and examining life risk 1:30 Understanding insurance product issues in relation to consumers and companies An examination of consumer guarantees in financial products Brand vs. technical attributes: which matters more in marketing new products? An exploration of recent product initiatives in European markets Product trends inside and outside of the European Union Impact of Solvency II on new products and further product development David Kneeshaw, CEO, SCOTTISH LIFE INTERNATIONAL 2:10 PANEL: Developing insurance products in an EU competitive market: working for third country groups Moving away from the third life directive to an even playing field Protecting consumers from foreign investment products Including hedging strategy in the corporation strategy The anglo-saxon model vs. the prescribed format the difference in jurisdictions and the effect of Solvency II Applying Solvency II to 3rd country bases Christian Pierotti, Head of Governmental Affairs, PMI EUROPE David Kneeshaw, CEO, SCOTTISH LIFE INTERNATIONAL More speakers to be announced please check Calculating and managing capital under Solvency II PANEL: Calculating the SCR and MCR using the internal model Group proposals for setting the SCR The cost of implementing an internal model should it be written off as a business expense? Calibration of internal models and economic scenarios using a third party vendor Performing a thorough cost-benefit analysis to decide on an internal model Justifying the internal model to outside moderators Are small groups getting the short straw with the standard model? investigating developing an partial internal model Paolo Cadoni, Technical Specialist, FSA Vesa Ronkainen, Research Actuary, INSURANCE SUPERVISORY AUTHORITY FINLAND Raj Singh, Chief Risk Officer, ALLIANZ AG Competition of capital: Maintaining eligible capital levels under Solvency II Examining the methods of raising eligible capital including: Investing in equity Utilizing debt Derivatives Mutual policyholders Hybrid instruments Using reinsurance as a form of raising capital Maximum levels of finance leverage possible under Solvency II Admissibility issues and capital relief Teddy Nyahasha, Director of Group Solvency, AVIVA 2:50 Afternoon break and opportunity to network 3:30 Accurately managing product risks using sophisticated modeling tools Choosing a third party vendor system for pricing and hedging guarantees Accurately valuing embedded options and hedging effectively The development of internal modeling systems to manage the risk of life products John Brunello, Head of Models and Technologies, EURIZON VITA 4:10 Developing effective mortality models and measuring longevity risk Models available to measure mortality and longevity risk Using insurance products to control mortality and longevity risk Projections for future improvements to longevity Using risk transfer tools to control insurance products Speaker to be announced please check website for details Calculating and defining eligible capital allow for maximum investment opportunities Calibrating the parameters to calculate MCR and SCR Setting the MCR level to allow for most advantageous SCR operation Using risk management techniques to calculate MCR and SCR Benoît Hugonin, Insurance Supervisor, AUTORITE DE CONTROLE DES ASSURANCES An examination of the supervisory requirements required for Pillar II and recognising diversification effects Focusing on the company s internal risk management process Validating internal models to the group supervisor The liquidity requirements to apply for the internal model Clarifying the diversification benefits against pillar I and pillar II 3rd country parties and the supervisory requirements required Speaker to be announced please check 4:50 Chairman s closing remarks 5:00 Cocktail reception 6:00 Day one concludes

5 day 2 November 13, :30 Registration and breakfast 9:00 Chairman s opening remarks 9:10 Keynote address: A new solvency regime for insurance and reinsurance undertakings Why a new solvency regime is necessary in Europe and what it hopes to achieve The main elements of the Commissions proposal The time frame for adoption of the directive The next stage in finalizing Solvency II Karel van Hulle, Head of Unit Insurance and Pensions, Financial Institutions, EUROPEAN COMMISSION KEYNOTE 9:50 INDUSTRY UPDATE Harmonised Pillar II: what has been done and what is pending What has been done: Basic regulation of supervisory powers. Its fundamental changes with respect to Solvency I Extended action to external services CEIOPS formation and its first steps What is pending: Legal value of Lamfalussy level 2 and 3 Peer reviews: Is it the best solution? Is it the only one? Harmonization: what, how and what for Internal models: will we have a European level playing field? Schedule: does it make sense to keep on developing Pillar I before having a precise definition of Pillar II? Pilar González de Frutos, President, UNESPA 10:30 Morning break and opportunity to network Examining the Pillars and implementation issues Solvency II for small insurers: Looking at QIS 3 and QIS 4 11:00 Case Study: An overview of the Solvency II pillars from the German perspective Pillar I: the view on the standard model and own funds Implications from QIS3 for the framework directive Pillar II: design of ORSA (own risk and solvency assessment) Pillar III: separating supervisory reporting and public disclosure Thomas Schubert, Head of Business Administration Institute, GERMAN INSURANCE ASSOCIATION 11:40 Solvency II: governance and practical implementation issues Getting the governance right The central vs. de-central debate Integrated approach to modeling Risk based pricing Lessons learnt and next steps Olav Jones, General Manager Head of Insurance Risk and Valuation, FORTIS BANK Pillar I for small insurers the German perspective BaFin s approach to pillar I for small sized insurers QIS3 results for small sized insurers Simplifications of technical provision and SCR calculations Lars Dieckhoff, Officer (Insurance Supervision), BAFIN Examining the QIS 3 results and what to expect in QIS 4 for smaller insurers A viewpoint from Iceland on the difficulties of completing QIS 3 Improvements to be expected for QIS 4 Developing future quantitative impact studies Sigurdur Freyr Jónatansson, Actuary, FINANCIAL SUPERVISORY AUTHORITY OF ICELAND 12:20 Lunch and an opportunity to network Developing a robust infrastructure in line with Solvency II 1:30 Operational risk within life insurance Examining the key elements for implementing a robust operational risk management framework under Solvency II Building foundations for scenario analysis, quantifying and modeling operational risk Linking risk indicators to risk appetite for decision making Developing integrated risk reporting for governance and management oversight Vicky Kubitscheck, Head of Audit Risk & Compliance, AEGON UK 2:10 PANEL: Adjusting company management inline with Solvency II further development of risk management systems Developing specific areas of responsibility and expertise to deal with: risk management risk modeling compliance internal auditing actuarial issues Demonstrating sufficient expertise available Setting up adequate and transparent governance systems Minimum standards concerning propriety of management positions Vicky Kubitscheck, Head of audit risk & compliance, AEGON UK Peter Vipond, Director, ASSOCIATION OF BRITISH INSURERS More speakers to be announced please check Effective asset and liability management and investment opportunities available Strategic ALM techniques to minimize risk Implementing an ALM framework to optimize solvency requirements Managing assets in relation to underlying risks Developing an optimal liability management framework Recognizing risk absorption features of liabilities Requiring market consistent valuation of assets and liabilities Speaker to be announced please check Swiss Solvency Test and its implications on strategic asset allocation Demonstrating adequate systems and controls are in place to manage the risk of new asset categories Bringing the Swiss Solvency Test inline with Solvency II Examining the assets available for investment Matthias Henny, Chief Investment Officer, AXA WINTERTHUR 2:50 Afternoon break and an opportunity to network 3:20 Transfer of insurance risk under Solvency II Interpreting Solvency II for transfer of insurance risk Tools available to transfer insurance risk Securitization as a capital management and risk transfer tool Future potential use of insurance securitization for EU insurers Supervisory control over transaction structures and SPVs Liv Borg, Vice President, SWISS RE 4:00 PANEL: Examining diversification and securitization as a risk mitigation tool and the industry consolidation effects under Solvency II Recognizing diversification effects to maximize capital Combining forward-looking investment decisions with backward-looking risk management techniques to make informed investment decisions Focusing securitization products beyond volatile catastrophic risks The differences in accounting across the EU and it s implications on risk management tools Identifying future trends of risk management The effects of the internal model on consolidation within the industry Liv Borg, Vice President, SWISS RE Olav Jones, General Manager head of insurance risk and valuation, FORTIS BANK Peter Vipond, Director, ASSOCIATION OF BRITISH INSURERS 4:50 Chairman s closing remarks 5:00 The Solvency II and Risk Management conference concludes

6 Brussels, November 2007 Code: VIP No: Booking Details Book before 12 Oct SAVE 10% Please do not cover this box as it contains important marketing information Pension funds free free Insurance Firms/regulators Investment bank/vendor/ consultant/other service providers Full price For more than 3 delegate bookings, please contact Customer Services to discuss a group discount on tel:+44(0) Register now Post: Complete this form and send it to Conference Administration at: Incisive Financial Publishing Ltd Haymarket House, Haymarket, London, SW1Y 4RX, UK Tel: +44 (0) Fax: +44 (0) conf@incisivemedia.com For US & Canada office registration Post: Complete this form and send it to Conference Administration at: Incisive RWG Inc, 270 Lafayette Street, Suite 700, New York, NY 10012, USA Tel: +1 (212) Fax: +1 (212) conf@incisivemedia.com As a subscriber to Life & Pensions magazine you qualify for a 20% discount, simply quote your subscription reference number here Tick here to sign up for a complimentary trial subscription to Life & Pensions magazine Registration Details Please complete your details below in BLOCK CAPITALS Book Online* *Book and pay online and receive a 35 discount Visit the Incisive Media web site for an update on our forthcoming conferences, courses and for information on our magazines/books at In order that we process your registration with maximum efficiency, we request that a copy of this booking form accompanies your payment. Your registration fee includes morning refreshments, lunch, afternoon refreshments, your conference/seminar materials. Please note your place is not guaranteed until your payment has been received If you require an invoice please inform us stating whether you need an original or a fax copy. We accept company cheques, credit cards and bank transfers. Please allow a minimum of seven working days for a bank transfer to reach us and phone or fax us when it has been sent. Please state the event name and delegate name to which it relates. title first name last name job title/position company address city country telephone approving manager Payment Details I enclose a cheque payable to Incisive Financial Publishing Ltd. department post/zip code Please debit my Amex Visa Maestro issue number: card no fax Mastercard Diners Club valid from date: training manager expiry date 4901/07 Venue and Accommodation Hôtel Métropole Place de Brouckère, 31 B Bruxelles BELGIQUE account address if different from above Tel: Fax: Website: signature date Incisive Finanicial Publishing Ltd. VAT No: GB For companies in EU member states only: Please write your VAT/TVA/BTW/IVA/ MCMS/MWST/FPA number here Warning: Life &Pensions is a registered trademark, and the titles, contents and style of this brochure are the copyright of Incisive Media. We will act on any infringement of our rights anywhere in the world. Incisive Media. Cancellation: A refund (less 10% administration fee) will be made if notice of cancellation is received in writing three weeks before the event. We regret that no refunds can be given after this period. A substitute delegate is always welcome at no extra charge. Disclaimer: The programme may change due to unforeseen circumstances, and Incisive Media reserves the right to alter the venue and/or speakers. Incisive Media accepts no responsibility for any loss or damage to property belonging to, nor for any personal injury incurred by, attendees at our conferences, whether within the conference venue or otherwise. Data Protection: By registering for Solvency II and Risk Management Incisive Media* will send you further information relating to this event. In addition we will send you information about our other relevant products and services which we believe will be of interest to you. If you do not wish to receive other relevant information from Incisive Media via a particular medium please tick the following relevant boxes: mail ; phone ; fax ; . Incisive Media will also allow carefully selected third parties to contact you about their products and services. If you do not wish to receive information from third parties via any of the following media please tick the relevant boxes: mail ; phone. Please tick if you are happy to receive relevant information from carefully selected third parties by and fax.