Real estate lending under Solvency II CONSULTING LLP
|
|
- Charles Lester
- 6 years ago
- Views:
Transcription
1 Real estate lending under Solvency II CONSULTING LLP!1
2 Solvency II and IORP Solvency II A fundamental reform of the capital adequacy regime for the European insurance industry. It aims to establish a revised set of EU-wide capital requirements and risk management standards to reduce systemic risk in the insurance industry IORP Institutions for Occupational Retirement Provisions Directive - the equivalent provisions to Solvency II for pension funds. CONSULTING LLP!2
3 Solvency II Solvency Capital Requirement Reserves SCR For investments, market risk of a fall in values Market value of assets Market value of liabilities Insurers can use the standard model prescribed by the EU regulator or get approval from the local regulator to use their own model CONSULTING LLP!3
4 Solvency II timetable EU trilogue negotiations completed in November 2013, agreed compromise level 1 text. EU Vote (11/3) Publication of full level 2 regulation Other clarification Transitional implementation Transition period Approval of internal models Detailed implementation steps Full implementation Crucial for standard models CONSULTING LLP!4
5 Solvency II timetable Draft level 2 regulations, October 2011 Not officially published but widely leaked. Treatment of real estate lending fails to take account of collateral. See slide 6 EIOPA consultation on long term assets Published on 19/12/2013. Does not include real estate but does include RE securitisation See slide 8 Updated draft level 2 regulations Not published not leaked. No public consultation. See slide 10. Not expected to be significantly different from October 2011 draft. CONSULTING LLP!5
6 Solvency II SCR treatment of investments under standard model Real estate Real estate funds Equities Real estate debt Original treatment 25% SCR shock on gross value of assets SCR shock on net value of equity Listed: 39% Unlisted: 49% +/- 10% dampener Originally used SCR RE shock for collateral but then switched to bond rating. See slide 7. Current position Default to transparent real estate treatment. Not clear when opaque equities treatment is possible For equities held prior to Solvency II, 7 year transition from 22% SCR shock to full equities SCR shock Will there be another consultation exercise? Not a public one CONSULTING LLP!6
7 Solvency II SCR treatment of investments under standard model Treatment of real estate lending Under the 31st October 2011 draft, commercial real estate lending has been moved to the general provisions for corporate bonds. The starting point under this provision is a credit rating by a nominated credit rating agency. Bonds and loans for which a credit rating is not available are assigned a risk factor, in an example of presumably unintended humour, termed by the regulator F-up. Duration risk factor F-up up to 5 3% * (duration) More than 5 and up to 10 15% % * (duration -5) More than 10 and up to % % * (duration -10) More than 15 and up to % % * (duration -15) More than 20 35% % * (duration -20) CONSULTING LLP!7
8 Solvency II SCR treatment of investments under standard model Treatment of real estate CMBS Risk Credit quality step factor F- up original calibration 7% 16% 19% 20% 82% 100% 100% Type A under 19/12/13 Type B under 19/12/13 4.3% 8.45% 14.8% 17 to 20% 82% 100% 100% 12.5% 13.4% 16.6% 19.7% 82% 100% 100% Notes overleaf on slide 9 CONSULTING LLP!8
9 Solvency II SCR treatment of investments under standard model Treatment of real estate CMBS - notes The credit quality step refers to the rating, 3 being equivalent to BBB The "F-Up"s are apparently per annum of the duration of the note. This gives a crippling high charge for any securitisation. A AAA note for an A-type securitisation has a 50% higher SCR capital requirement than an unrated corporate loan. CMBS will be type B securitisation. As such an AAA note will have a capital charge 4 times higher than an unrated corporate loan. The capital cost of participating in a securitisation for an insurer using the standard model is crippling. CONSULTING LLP!9
10 Solvency II Updated level 2 measures We have been told that this new draft will not be subject to any further public consultation but will be considered by the EU Expert Group on Banking, Payments and Insurance. It is intended to be implemented by the summer. For further details: CONSULTING LLP!10
11 Solvency II and real estate lending Conclusions The treatment of real estate lending under the standard model for Solvency II is muddled; The treatment of CMBS is worse; Most large insurers will be seeking approval to use their own internal models rather than the standard model and may well therefore avoid the more bizarre outcomes of the standard model requirements. CONSULTING LLP!11
12 This presentation has been prepared for general guidance and does not constitute professional advice. You should not act upon the information contained in this presentation without obtaining professional advice. No representation or warranty is given as to the accuracy or completeness of the information contained in this presentation. To the extent permitted by law, John Forbes Consulting LLP and its members do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this presentation or for any decision based on it John Forbes Consulting LLP. CONSULTING LLP!12
Hot Topic Publication of final EIOPA guidelines signals renewed effort towards Solvency II finalisation
Hot Topic Publication of final EIOPA guidelines signals renewed effort towards Solvency II finalisation FS Regulatory Centre of Excellence 10 October 2013 Summary On 27 September 2013 EIOPA published its
More informationRegulatory Consultation Paper Round-up
Regulatory Consultation Paper Round-up Both the PRA and EIOPA have issued consultation papers in Q4 2017 - some of the changes may have a significant impact for firms if they are implemented as currently
More informationSharing insights on key industry issues*
Insurance This article is from a PricewaterhouseCoopers publication entitled Insurancedigest Sharing insights on key industry issues* Americas edition February 2009 Solvency II: A competitive advantage
More informationFS Regulatory Centre of Excellence, 2 December Hot Topic. Solvency II requirements published. 3. Provisional equivalence of third countries.
Hot Topic Hot Topic Solvency II requirements published The publication of the Omnibus II text provides much needed clarity to the market on some key topics FS Regulatory Centre of Excellence 2 December
More informationValuing Sponsor Support Presentation to the Institute and Faculty of Actuaries
Valuations Valuing Sponsor Support Presentation to the Institute and Faculty of Actuaries Speakers Adam Sutton Tel: 020 7804 8124 E: adam.sutton@uk.pwc.com Richard Setchim Tel: 020 7804 2462 E: richard.setchim@uk.pwc.com
More informationThis technical advice shall be delivered by 28 February Context. 1.1 Scope
Ref. Ares(2017)932544-21/02/2017 REQUEST TO EIOPA FOR TECHNICAL ADVICE ON THE REVIEW OF SPECIFIC ITEMS IN THE SOLVENCY II DELEGATED REGULATION AS REGARDS UNJUSTIFIED CONSTRAINTS TO FINANCING (Regulation
More informationSolvency II Could Push European Insurers Away From Securitizations
STRUCTURED FINANCE RESEARCH Solvency II Could Push European Insurers Away From Securitizations Primary Credit Analyst: Mark S Boyce, London (44) 20-7176-8397; Mark_Boyce@standardandpoors.com Secondary
More informationNew format of the auditor s report
New format of the auditor s report New format of the audit report Auditor s opinion What the auditor s has audited identification of financial statements Audit approach: Audit scope Key Audit Matters How
More informationTax in Solvency II. Ayesha Patel. 10 June Tel: June 2014
Tax in Solvency II Ayesha Patel Email: ayesha.patel@uk.pwc.com Tel: 020 7212 1239 June 2014 10 June 2014 Agenda 1 Background 2 The three Pillars 3 Pillar I in detail 4 Survey 5 Summary 6 Questions 2 Background
More informationThe Omnibus II Directive
The Omnibus II Directive Presentation to Gibraltar Insurance Association Michael Oliver Head of Insurance Supervision 9 March 2011 1 The Omnibus II Directive Timeline Contents EIOPA and its powers Transitional
More informationHot Topic: Understanding the implications of QIS5
Hot Topic: Understanding the 17 March 2011 Summary On 14 March 2011 the European Insurance and Occupational Pensions Authority (EIOPA) published the results of the fifth Quantitative Impact Study (QIS5)
More informationSolvency II Position on the calculation of the Solvency Capital Requirement (SCR)
Solvency II Position on the calculation of the Solvency Capital Requirement (SCR) 16 May 2018 1 Brussels, 16 May 2018 The European Association of Paritarian Institutions AEIP, founded in 1996, is a Brussels-based
More informationHot Topic. EIOPA publishes interim technical guidelines and launches stress testing exercise. Summary. FS Regulatory Centre of Excellence
Hot Topic FS Regulatory Centre of Excellence 2 nd May 2014 EIOPA publishes interim technical guidelines and launches stress testing exercise Summary On 30 April 2014 the European Insurance and Occupational
More informationIntroductory Speech. The Solvency II Review: What happens next? Conference on "The review of Solvency II organised by the National Bank of Belgium
Introductory Speech Gabriel Bernardino Chairman of the European Insurance and Occupational Pensions Authority (EIOPA) The Solvency II Review: What happens next? Conference on "The review of Solvency II
More informationPatent Box 29 May 2012
www.pwc.com Agenda Overview of patent box relief Will the company qualify? - Eligibility If so, what s the size of the prize? - Computation - 3 stage method - Alternative streaming method How to optimise
More informationMAS Enhanced Regime for Funds Management
www.pwc.com MAS Enhanced Regime for Funds Management A new landscape for Fund Management Companies Are you ready? IMAS Lunchtime Series IMAS Lunchtime Series 29 &31 August 2012 Agenda Background What does
More informationThe impact of taxes on the competitiveness of European Tourism
PwC UK The impact of taxes on the competitiveness of European Tourism European Commission (DG GROW) 9 November 2017 Overview 3 The PwC team with you today 4 The importance of tourism for the EU 5 Overview
More informationSolvency II Update. Craig McCulloch
Solvency II Update Craig McCulloch Agenda SII overview Latest Developments Legislative timetable Current regulatory progress Implementation measures QIS4 results & implications Australian Implications
More informationHot Topic EIOPA publishes interim technical guidelines and launches stress testing exercise
Hot Topic EIOPA publishes interim technical guidelines and launches stress testing exercise FS Regulatory Centre of Excellence 12 May 2014 Summary On 30 April 2014, the European Insurance and Occupational
More informationSolvency II and Mandatum Life. Sampo Group, Capital Markets Day 11 September 2015
Solvency II and Mandatum Life Sampo Group, Capital Markets Day 11 September 2015 Solvency II in a Nutshell New EU-level solvency framework In force 1 January 2016 Risks are measured in a market consistent
More informationGuidance for (Re)Insurance Undertakings on the Head of Actuarial Function Role
2016 Guidance for (Re)Insurance Undertakings on the Head of Actuarial Function Role Guidance for (Re)Insurance Undertakings on the Head of Actuarial Function Role 2 Contents 1. Introduction... 3 2. General
More informationPOSITION PAPER ON IORP II DIRECTIVE PROPOSAL - DRAFT REPORT ECON COMMITTEE
11 April 2016 POSITION PAPER ON IORP II DIRECTIVE PROPOSAL - DRAFT REPORT ECON COMMITTEE INTRODUCTION The European regulatory regime for IORP's is based on the directive 2003/41/EC. The initial directive
More informationEIOPA: recent developments in insurance and pensions. EVCA Investors' Forum Geneva, 14 March 2012
EIOPA: recent developments in insurance and pensions EVCA Investors' Forum Geneva, 14 March 2012 Content What is EIOPA? Recent developments on Solvency II EIOPA s advice on pensions 2 EIOPA: Background
More informationSociety of Actuaries in Ireland Solvency II for Beginners. Mike Frazer. 19 May 2011
Society of Actuaries in Ireland Solvency II for Beginners Mike Frazer 19 May 2011 1 Agenda Why has Solvency II been created? Structure of Solvency II The Solvency II Balance Sheet Pillar II & III Aspects
More informationThe Review of Solvency II. 01/02/2018 Hans De Cuyper, President of Assuralia
The Review of Solvency II 01/02/2018 Hans De Cuyper, President of Assuralia 1 Implementation of Solvency II Belgian insurance companies early adopters with first dry runs in 2014 2 From Solvency I to Solvency
More informationSpeaking notes Capital Markets Union: Pan-European Personal Pension Product (PEPP)
Fausto Parente Executive Director European Insurance and Occupational Pensions Authority (EIOPA) Speaking notes Capital Markets Union: Pan-European Personal Pension Product (PEPP) Questions and Answers
More informationREGIS-TR Securities Financing Transaction Regulation SFTR
REGIS-TR REGIS-TR Securities Financing Transaction Regulation SFTR SFTR - Timeline Trade repository reporting is estimated to begin early 2018 with a phased-in approach depending on the counterparty classification
More informationCover note for the draft consultation papers on the Guidelines and ITS for Solvency II (set 2)
EIOPA-BoS-14/229 27 November 2014 Cover note for the draft consultation papers on the Guidelines and ITS for Solvency II (set 2) 1/10 1. Introduction 1.1. EIOPA invites comments from stakeholders on the
More informationREPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL
EUROPEAN COMMISSION Brussels, 7.12.2017 COM(2017) 740 final REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL on the exercise of the power to adopt delegated acts conferred on the Commission
More informationEMIR - What should Hedge Funds be doing?
www.pwc.co.uk EMIR - What should Hedge Funds be doing? Sept 2009 2008 credit crisis 2008: OTC market collapse Weaknesses revealed in crisis Collapse of Bear Stearns and Lehmans Heightened levels of counterparty
More informationSolvency Assessment and Management: Steering Committee Position Paper 73 1 (v 3) Treatment of new business in SCR
Solvency Assessment and Management: Steering Committee Position Paper 73 1 (v 3) Treatment of new business in SCR EXECUTIVE SUMMARY As for the Solvency II Framework Directive and IAIS guidance, the risk
More informationCurrent status of Solvency II and challenges down the line. Matthew Edwards 11 October 2011
Current status of Solvency II and challenges down the line Matthew Edwards 11 October 2011 Solvency II Timeline Page 2 15 September 2011 UK Life Solvency II Discussion Forum Regulatory timelines Level
More information7th Zurich Regional and Global Headquarters Conference Income tax accounting dealing with uncertainty and transparency
7th Zurich Regional and Global Headquarters Conference Income tax accounting dealing with uncertainty and transparency Changing tax landscape Anti Tax Avoidance Directive Country by Country Reporting Treaty
More informationComments Template on CP12003 Draft Technical Specifications QIS IORP II
Name of Company: Association of Consulting Actuaries UK Disclosure of comments: Public Please follow the following instructions for filling in the template: Do not change the numbering in the column reference
More informationThe Effects of QE on Pension Funds
The Effects of QE on Pension Funds Mark Gull Co-Head of ALM 28 September 2011 Gilt yields (%) Pension liabilities ( bn) QE was bad for pension funds: Will QE2 be the same? Policymakers did not consider
More informationDelegations will find below a Presidency compromise text on the above Commission proposal, as a result of the 17 June meeting.
COUNCIL OF THE EUROPEAN UNION Brussels, 21 June 2011 11858/11 Interinstitutional File: 2011/0006 (COD) NOTE from: to: Subject: EF 93 ECOFIN 445 SURE 15 CODEC 1057 Presidency Delegations Proposal for a
More informationVAT Package March 2010
VAT Package March 2010 On 1 January 2010, the EU introduced a package of changes to the VAT rules that affected Law Firms. The VAT Package has resulted in significant change to all Law Firms with establishments
More informationDelegations will find below a Presidency compromise text on the above Commission proposal, to be discussed at the 28 February 2011 meeting.
COUNCIL OF THE EUROPEAN UNION Brussels, 21 February 2011 6460/11 Interinstitutional File: 2011/0006 (COD) NOTE from: to: Subject: EF 16 ECOFIN 69 SURE 4 CODEC 220 Presidency Delegations Proposal for a
More informationSolvency II Conference. Two years on and two reviews
Solvency II Conference Two years on and two reviews 1 Presentation Olav Jones Deputy director general Insurance Europe Agenda 1 2 3 4 5 Successful launch Impact survey Concerns about excessive capital
More informationBattle of the Balance Sheets
Battle of the Balance Sheets Stuart Morris FIA, Deloitte Dr. Robin Thompson, RBS Andrew Kenyon FIA, RBS 07 November 2016 Agenda Risk-based capital requirements: Banks vs. Insurers Available capital Case
More informationSupervisory Statement SS15/15 Solvency II: approvals. March Appendix 2.15
Supervisory Statement SS15/15 Solvency II: approvals March 2015 Appendix 2.15 Prudential Regulation Authority 20 Moorgate London EC2R 6DA Prudential Regulation Authority, registered office: 8 Lothbury,
More informationDraft amendment to Commission. Implementing Regulation (EU) 2015/2452 of 2 December 2015 laying. down implementing technical standards
EIOPA-BoS-18/098 25 June 2018 Draft amendment to Commission Implementing Regulation (EU) 2015/2452 of 2 December 2015 laying down implementing technical standards with regard to the procedures, formats
More informationSAIA SAM PSO. Issue 3 / ORSA: meeting the challenge and seeking the value
SAIA SAM PSO Issue 3 / 2011 ORSA: meeting the challenge and seeking the value Insurers preparing for Solvency II are finding that meeting the requirements for the Own Risk and Solvency Assessment (ORSA)
More informationSouth Tees Hospitals NHS Foundation Trust Presentation to Governors Year ended 31 March 2015
www.pwc.co.uk July 2015 South Tees Hospitals NHS Foundation Trust Presentation to Governors Year ended 31 March 2015 Agenda Introductions Purpose of our reporting to governors Audit of the financial statements
More informationApplication of SFC License in Hong Kong
www.pwchk.com Application of SFC License in Hong Kong Highlights of the Regulatory Requirements Updated as of January 2012 1. Introduction Under the Hong Kong regulatory regime, companies which intend
More informationICS Consultation Document - Responses to Comments on Asset Concentration & Credit Risks (Sections )
Public ICS Consultation Document - Responses to Comments on Asset Concentration & Credit Risks (Sections 9.2.4-5) 9 March 2016 1 About this slide deck 1. This is the next tranche of resolutions of ICS
More informationAssociation of British Insurers
Association of British Insurers ABI response CP20/16 Solvency II: Consolidation of Directors letters The UK Insurance Industry The UK insurance industry is the largest in Europe and the third largest in
More informationBaFin Solvency II Conference The Current UK Perspective on the Insurance Industry including Solvency II Implementation
BaFin Solvency II Conference The Current UK Perspective on the Insurance Industry including Solvency II Implementation Subtitle for event (Arial 28pt) Giles Fairhead Head of Retail Life, Date (Arial 16pt)
More informationSolvency II The Global Insurance Financial Trojan Horse. Les Boughner EVP & Managing Director Willis Captive & Consulting Practice
Solvency II The Global Insurance Financial Trojan Horse Les Boughner EVP & Managing Director Willis Captive & Consulting Practice 1 Solvency II What is it Why is it important to you What is the US Impact
More informationEIOPA OPSG-Meeting 2017, April 26 th Stresstest 2017 First general Feedback Bayer-Pensionskasse VVaG Dr. Stefan Nellshen
EIOPA OPSG-Meeting 2017, April 26 th Stresstest 2017 First general Feedback Bayer-Pensionskasse VVaG Dr. Stefan Nellshen The OPSG Welcomes: the execution of a stresstest in order to assess the impact of
More informationPolicy Statement PS9/19 Solvency II: Group own fund availability. March 2019
Policy Statement PS9/19 Solvency II: Group own fund availability March 2019 Policy Statement PS9/19 Solvency II: Group own fund availability March 2019 Bank of England 2019 Prudential Regulation Authority
More informationCalibration of the standard formula spread risk module Note to the Commission for insertion in the draft QIS5 Technical Specifications
CEIOPS-SEC-52/10 9 April 2010 Calibration of the standard formula spread risk module Note to the Commission for insertion in the draft QIS5 Technical Specifications Purpose and content of this note The
More informationInnovation Incentives R&D Relief
www.pwc.co.uk Innovation Incentives R&D Relief Section 2 - Overview of R&D tax reliefs Introductions Who are we? James Geldart Senior Manager 07772 966342 Amy Lord Manager 07525 280680 Hayley Cowsill Senior
More informationCompromise proposal on Omnibus II
Compromise proposal on Omnibus II On 25 November 2013 a compromise proposal on the Omnibus II Directive was published. This was based on a provisional agreement from the European Parliament, the European
More informationCLO Group Client Alert CLOs & European Risk Retention: Changes Proposed in the New Securitisation Regulation
5 October, 2015 CONTACT James Warbey Partner +44 (0) 20 7615 3064 jwarbey@milbank.com John Goldfinch Senior Associate +44 (0) 20 7615 3109 jgoldfinch@milbank.com CLO Group Client Alert CLOs & European
More informationStand out for the right reasons Protecting Client Assets
www.pwc.co.uk/fsrr Stand out for the right reasons Protecting Client Assets July 2014 Shaking up the Client Assets regime The FCA significantly revised the UK Client Assets protection regime (CASS) when
More informationIAA Fund Seminar in Chinese Taipei
IAA Fund Seminar in Chinese Taipei Solvency II 12 October 2014 Contents 1. What is Solvency II 2. What are the Loose Ends 3. On the Way to IMAP 4. Solvency Regime in Asia Pacific What is Solvency II -Solvency
More informationConsultation Paper CP9/18 Solvency II: Internal models modelling of the volatility adjustment
Consultation Paper CP9/18 Solvency II: Internal models modelling of the volatility adjustment April 2018 Prudential Regulation Authority 20 Moorgate London EC2R 6DA Consultation Paper CP9/18 Solvency II:
More informationEuropean Commission proposes framework for new prudential regime for investment firms
EU update European Commission proposes framework for new prudential regime for investment firms On 21 December 2017, the European Commission (the Commission ) published its proposed framework for a new
More informationSingapore Experience on Implementation of Risk Based Capital (RBC) Framework. 20 April 2009
Singapore Experience on Implementation of Risk Based Capital (RBC) Framework 20 April 2009 Agenda Overview of Singapore Insurance Industry Objectives & Principles of RBC Comparison with Old Solvency Framework
More informationContents. Global outlook. UK economic prospects. What might be the impact of lower EU migration to UK after Brexit?
Contents 1 2 3 4 Global outlook UK economic prospects What might be the impact of lower EU migration to UK after Brexit? Twin puzzles UK productivity and export growth since the crisis UK Economic Outlook
More informationEssential adjustments for the success of Solvency II for groups
Position Paper Essential adjustments for the success of Solvency II for groups (based on the findings from QIS5 for groups and the current discussion on implementing measures) CEA reference: ECO-SLV-11-729
More informationSynopsis of the most important regulatory developments in insurance Status as at 1 January 2018 Swiss insurance industry what counts
www.pwc.ch Synopsis of the most important regulatory developments in insurance Status as at January 208 Swiss insurance industry what counts Introduction Given the paramount importance for financial market
More informationBasel Committee proposals for Strengthening the resilience of the banking sector
Banking and Capital Markets Basel Committee proposals for Strengthening the resilience of the banking sector New rules or new game? 2 PricewaterhouseCoopers On 17 December, the Basel Committee on Banking
More informationOpinion to EU Institutions on a Common Framework for Risk Assessment and Transparency for IORPs
EIOPABoS16/075 14 April 2016 Opinion to EU Institutions on a Common Framework for Risk Assessment and Transparency for IORPs EIOPA Westhafen Tower, Westhafenplatz 1 60327 Frankfurt Germany Tel. + 49 6995111920;
More informationCollateralized Banking
Collateralized Banking A Post-Crisis Reality Dr. Matthias Degen Senior Manager, KPMG AG ETH Risk Day 2014 Zurich, 12 September 2014 Definition Collateralized Banking Totality of aspects and processes relating
More informationSpecificities of the IDD transposition in Italy
www.pwc.lu Specificities of the IDD transposition in Italy Agenda Subject Pages IVASS Regulation Scheme ANIA Guidelines How can help you? Why? 3 13 16 17 2 IVASS Regulation Scheme The regulation of pre-contractual
More informationBusiness considerations VAT and cash flow Intra GCC transactions There are a variety of opportunities to improve VAT cash flow and these typically involve deferring the payment of VAT due or improving
More informationActuaries Club of the Southwest
www.pwc.com Actuaries Club of the Southwest 3-2-1-ORSA Drivers of Enterprise Risk Management ( ERM ) Fed 1. Rating Agencies AM Best SRQ ERM Questions & S&P ERM Level III Reviews FASB/IASB 2. IAIS ICP 16
More informationGlobal Economic Outlook John Hawksworth Chief Economist, PwC September 2012
www.pwc.co.uk/economics Global Economic Outlook John Hawksworth Chief Economist, September 2012 Agenda Global overview Short term prospects for Europe, US and BRICs Long term trends: demographics, growth
More informationPwC Solvency II Life Insurers Risk Capital Survey
www.pwc.co.uk/fsrr PwC Solvency II Life Insurers Risk Capital Survey Summary Report PwC s risk capital survey covers the data and methodologies adopted by firms in determining risk capital under Solvency
More informationReport on QIS on IORPs. Barthold Kuipers, Chair OPC Subgroup QIS QIS for Pensions closing event Frankfurt, 10 July 2013
Report on QIS on IORPs Barthold Kuipers, Chair OPC Subgroup QIS QIS for Pensions closing event Frankfurt, Outline Holistic balance sheet Participation in QIS Benchmark scenario Upper and lower bound scenario
More information< Picture to go here > SOLVENCY II PILLAR 3. Market briefing 8 June Lloyd s 1
< Picture to go here > SOLVENCY II PILLAR 3 Market briefing 8 June 2015 Lloyd s 1 Agenda Overview and current status Interim reporting as at 31 December 2014 Completing your preparations for Pillar 3 Dry
More informationEIOPA's Supervisory Statement. Solvency II: Solvency and Financial Condition Report
EIOPA-BoS/17-310 18 December 2017 EIOPA's Supervisory Statement Solvency II: Solvency and Financial Condition Report EIOPA Westhafen Tower, Westhafenplatz 1-60327 Frankfurt Germany - Tel. + 49 69-951119-20;
More informationMAS reviews Risk-Based Capital framework
www.pwc.com MAS reviews Risk-Based Capital framework 29 June 2012 In the light of evolving market practices and global regulatory developments, MAS is reviewing the risk-based capital framework for insurers
More informationRegulatory Update: European legislation on retail investments. Overview of presentation
Regulatory Update: European legislation on retail investments 20 th June 2013 Katharine King Investments Policy Department 38 Overview of presentation European context Consumer protection ti agenda Looking
More informationComments on EIOPA s advice on interest rate risk in its second set of advice to EC (EIOPA-BoS-18/075)
2018-05-21 Comments on EIOPA s advice on interest rate risk in its second set of advice to EC (EIOPA-BoS-18/075) On February 28, 2018, EIOPA published its second set of advice to the European Commission
More informationFSRR Hot Topic. CRD 5 FRTB Sizing up the trading book. Stand out for the right reasons Financial Services Risk and Regulation. 1.
www.pwc.co.uk/fsrr December 2016 Stand out for the right reasons Financial Services Risk and Regulation FSRR Hot Topic CRD 5 FRTB Sizing up the trading book Highlights The EU specific adjustments to FRTB
More informationThe wait is nearly over? IFRS 17 is coming, are you prepared for it?
IFRS 17 is coming, are you prepared for it? We are close to a new IFRS insurance contracts accounting standard. IFRS 17 (previously referred to as IFRS 4 Phase II) is expected to be issued in early 2017
More informationDefining Principles of a Robust Insurance Solvency Regime
Defining Principles of a Robust Insurance Solvency Regime By René Schnieper ETH Risk Day 16 September 2016 Defining Principles of a Robust Insurance Solvency Regime The principles relate to the following
More informationCredit Rating Agencies ESMA s investigation into structured finance ratings
Credit Rating Agencies ESMA s investigation into structured finance ratings 16 December 2014 ESMA/2014/1524 Date: 16 December 2014 ESMA/2014/1524 Table of Contents 1 Executive Summary... 4 2 Who should
More informationIndirect tax forum VAT establishments April 2018
www.pwc.co.uk Indirect tax forum VAT establishments Agenda VAT establishments basic principles Hastings Insurance Services Ltd - implications 1 2 Topical issues Questions 2 3 4 4 2 What are the basic principles?
More informationPension Insurance Corporation. Pension Risk Transfer Index Q2 2011
Pension Insurance Corporation Pension Risk Transfer Index Q2 2011 Highlights 2 Highlights A sovereign default spells trouble for pension funds and risks a re-run of the credit crunch As credit and equity
More informationStand out for the right reasons Financial Services Risk and Regulation. Hot topic
www.pwc.co.uk/fsrr January 2018 Stand out for the right reasons Financial Services Risk and Regulation Hot topic Revised standardised approach for credit risk Enhancing risk sensitivity Highlights The
More informationSAM Reporting for Insurance Groups with Participations in Non-equivalent Jurisdictions
SAM Reporting for Insurance Groups with Participations in Non-equivalent Jurisdictions In November 2016 the FSB published the proposed Financial Soundness Standards (FS) for initial public comment. These
More informationCasualty Loss Reserve Seminar Roll-forward Reserve Estimates September 15, 2014
www.pwc.com 2014 Casualty Loss Reserve Seminar Roll-forward Reserve Estimates Mechanics Underlying Roll-forward Reserve Estimates 2 Agenda Section 1 Roll-forward Example Section 2 Potential roll-forward
More informationWhy Holding ABS Just Got Trickier: The EU Securitisation Regulation s Impact on EU and Non-EU Investors
August 2018 Follow @Paul_Hastings Why Holding ABS Just Got Trickier: The EU Securitisation Regulation s Impact on EU and Non-EU Investors By Christian Parker, Arun Srivastava & Sophie Wood Introduction
More informationBusiness recovery and restructuring Banking. Sale of non-performing loans October 2009
Business recovery and restructuring Banking Sale of non-performing loans October 2009 Agenda Sale of NPLs Appendix Q & A Slide 2 Sale of NPLs Section 1 Slide 3 Rationale for NPL Sale Quantitative Benefits
More informationInterest Rate Risk in the Banking Book. Taking a close look at the latest IRRBB developments
Interest Rate Risk in the Banking Book Taking a close look at the latest IRRBB developments Interest Rate Risk in the Banking Book Interest rate risk in the banking book (IRRBB) can be a significant risk
More informationKarel VAN HULLE. Head of Unit, Insurance and Pensions, DG Markt, European Commission
Solvency II: State of Play Guernsey, 18th December 2009 Karel VAN HULLE Head of Unit, Insurance and Pensions, DG Markt, European Commission 1 Why do we need Solvency II? Lack of risk sensitivity in existing
More informationSecuritisation working with arrangers and managers
www.pwc.com/securitisation Securitisation working with arrangers and managers Making it easier for arrangers and managers. In this publication we discuss our services and solutions for lead managers at
More informationEIOPA Technical Findings on the Long-Term Guarantees Assessment. June Milliman Solvency II Update
EIOPA Technical Findings on the Long-Term Guarantees Assessment June 2013 The EIOPA report on the Long-Term Guarantees Assessment makes a number of recommendations to further encourage long-term liability
More information2013 Conference Risk, Recovery & Real Growth" 23rd Annual CAA Conference Secrets Wild Orchid Montego Bay, Jamaica. 4 th to 6 th December 2013
2013 Conference Risk, Recovery & Real Growth" 23rd Annual CAA Conference Secrets Wild Orchid Montego Bay, Jamaica. 4 th to 6 th December 2013 Regulatory developments in life assurance Nick Dumbreck Milliman
More informationResponse to EIOPA consultation on corrections and amendments to implementing technical standards on reporting and disclosure
Response to EIOPA consultation on corrections and amendments to implementing technical standards on reporting and disclosure General comments Insurance Europe welcomes the opportunity to comment on the
More informationEIOPACP17/ April 2017
EIOPACP17/003 26 April 2017 Call for Evidence Request by the European Commission to ΕΙΟΡΑ for Technical Advice on the treatment of unlisted equity and debt without an ECAI rating in the standard formula
More informationSolvency Capital Requirement
Solvency Capital Requirement Market Risk Report Pyrford Pyrford Global Total Return (Sterling) Fund Class B Stg Accumulating Page 1 Market Risk - SCR Contribution Sub Module SCR (GBP) % AUM Interest rate
More informationSupervisory Statement SS3/17 Solvency II: matching adjustment - illiquid unrated assets and equity release mortgages. July 2018 (Updating July 2017)
Supervisory Statement SS3/17 Solvency II: matching adjustment - illiquid unrated assets and equity release mortgages July 2018 (Updating July 2017) Supervisory Statement SS3/17 Solvency II: matching adjustment
More informationSolvency II market briefing. 1 & 2 August 2011
Solvency II market briefing 1 & 2 August 2011 Agenda Highlights since we last met Lloyd s update Preparing for Final Application Wrap up Questions 2 Highlights Proposals on possible one year delay to 2014
More informationCOVER NOTE TO ACCOMPANY THE DRAFT QIS5 TECHNICAL SPECIFICATIONS
EUROPEAN COMMISSION Internal Market and Services DG FINANCIAL INSTITUTIONS Insurance and Pensions 1. Introduction COVER NOTE TO ACCOMPANY THE DRAFT QIS5 TECHNICAL SPECIFICATIONS Brussels, 15 April 2010
More informationNew European Parliament, new European Commission, new solvency requirements for pension schemes? Dave Roberts
New European Parliament, new European Commission, new solvency requirements for pension schemes? Dave Roberts 23 April 2015 Agenda Overview of EIOPA consultation on solvency for IORPs Summary of six supervisory
More information