Project Solvency II Rolf Stölting

Transcription

1 Project Solvency II Rolf Stölting Québec, June

2 Overview of initiatives / working groups Parliament Council Steering Group Solvency II CEA ECON Committee GDV ABI FFSA EU Commission CRO Forum AMICE CEIOPS Managing Board BaFin FSA ACAM Consultative Panel Coordination Group: Proxies for the Best Estimate Groupe Consultatif Pillar I Life / Non-life Pillar II + III Internal Models Groups etc. Pillar I Life Pillar I Non-life Pillar II + III Internal Models Groups etc. Project team Quelle: Zusammenstellung der Münchener Rück. 2

3 Expected timeline for Solvency II QIS4 (Commission) Directive Adoption (Parliament & Council, CEIOPS) Implementation (Member States) QIS4 QIS4 results Adoption of the Directive by the European Parliament and the Council Adoption of the implementing measures Implementation of Solvency II CEIOPS advice on implementing measures 3

4 Major Developments since October 2007 February 2008: Submission of an amended proposal for the Solvency II Framework Directive by the European Commission Preparation of fourth Quantitative Impact Study QIS4 Publication of further Reports, Issue Papers and Consultation Papers by CEIOPS Intense negotiations on Directive by the European Council March 2008: Draft Report on the Framework Directive by Peter Skinner of Econ Committee 4

5 Overview CEIOPS Quantitative Impact Study - QIS4 Groupe Consultatif Solvency II Project team Glossary Project IAA / IAIS 5

6 CEIOPS Publication of Reports November 2008: Report on QIS3 Report on pros and cons of different MCR approaches New Consultation Papers and Issue Papers Issues Paper - Public Disclosure and Supervisory Reporting Interim Report on Proxies (CP23) Principle of Proportionality (CP24) Aspects related to Insurance Groups (CP25) Technical Specification for QIS4 6

7 Quantitative Impact Study - QIS4 Quantitative Impact Study 4: Directed by EU Commission Prepared by CEIOPS Publication of very comprehensive documents to accompany the QIS4 technical specifications Frequent possibilities for feedback during several meetings organized by EC and by CEIOPS for invited stakeholders or for an open public 7

8 Quantitative Impact Study - QIS4 Schedule of QIS4: April July 2008 Presentation of first results on QIS4 to stakeholders planned for autumn 2008 Report on QIS4 to be published in November 2008 Problem: Publication of QIS4 results very late for the decision in EU Parliament on Solvency II Next QIS probably in

9 Groupe Consultatif Solvency II Project team December 2007: Groupe presentation to ECON Committee of European Parliament Participation in preparation of QIS4: Comments on the technical specifications and the spreadsheet design Various discussions between GC and CEIOPS working groups Preparation of comments for CEIOPS Consultation Papers Solvency Newsletters: No. 10 published in November 2007 No. 11 published in March

10 Coordination Group on Proxies Group co-chaired by CEIOPS and GC Development of a number of proxy solutions for non-life business December 2007: Publication of a CEIOPS/GC Consultation Paper (CP 23): Interim Report on Proxies February 2008: Interim Report including testing proposals for proxies under QIS4 (partially included in Technical Specification of QIS4) 10

11 Glossary project Publication of the GC / CEA Glossary in March 2007 February 2008: Partnership Agreement for the Establishment and Maintenance of a Common Glossary on Insurance Terminology by IAIS, IAA, Groupe Consultatif, CEA Editorial Board: Tom Karp (Australia, IAA), Rolf Stölting (Europe, GC), Nobuyaso Sugimoto (Japan, IAIS), Alberto Corinti (Europe, CEA), Terri Vaughan (USA, IAA), Stuart Wason (Canada, IAIS) + 1 person to be defined Secretariat: IAIS First meeting: 11 June 2008 in Québec (during IAA meeting) 11

12 IAIS Very active "Solvency and Actuarial Issues Subcommittee" Consultation for some "Standard" and "Guidance" Papers: Standard and Guidance on the Use of Internal Models for Regulatory Purposes Standard and Guidance on the Structure of Regulatory Capital Requirements Standard and Guidance on Enterprise Risk Management for Capital Adequacy and Solvency Purposes Drafting of new "Guidance" and "Issue" papers: Capital Resources for Solvency Purposes Supervision of Insurance Groups 12

13 Groupe Consultatif Actuariel Européen Thank you for your attention Rolf Stölting 13