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Solvency II: Are We There Yet? December 2010 presentation by Claude Penland, Associate of the Casualty Actuarial Society
What is Solvency II? <ul><li>Solvency II is the updated set of regulatory requirements for insurance firms that operate in...
Solvency II  Side Effects, Part One <ul><li>Insurers might need to outsource their asset management  http://bit.ly/aeaqhy ...
Solvency II  Side Effects, Part Two <ul><li>International Financial Reporting Standards and Solvency II hit companies twic...
Is Catastrophe Risk Appropriately Represented? <ul><li>Mega Broker says no  http://bit.ly/cHHoGz   </li></ul><ul><li>Aon B...
Solvency II Committees <ul><li>Ironically, they say they must now simplify the plans they’ve charted. </li></ul><ul><li>Re...
European Pensions <ul><li>Pension Funds & Insurers disagree. </li></ul><ul><li>Pension Funds don’t want to be regulated by...
Final Points <ul><li>Most recent Solvency II test results might be released in March 2011  http://bit.ly/aZZF3z   </li></u...
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Solvency II presentation by Claude Penland, Actuary

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Solvency II presentation by Claude Penland, Associate of the Casualty Actuarial Society. Points discussed include side effects of the new rules, catastrophe risk, pensions, insurance, reinsurance and investment. Also see SolvencyDeux.com.

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Transcript of "Solvency II presentation by Claude Penland, Actuary"

  1. 1. Solvency II: Are We There Yet? December 2010 presentation by Claude Penland, Associate of the Casualty Actuarial Society
  2. 2. What is Solvency II? <ul><li>Solvency II is the updated set of regulatory requirements for insurance firms that operate in the European Union. </li></ul><ul><li>See Wikipedia at http://en.wikipedia.org/wiki/Solvency_II </li></ul><ul><li>More info at www.SolvencyDeux.com </li></ul>
  3. 3. Solvency II Side Effects, Part One <ul><li>Insurers might need to outsource their asset management http://bit.ly/aeaqhy </li></ul><ul><li>Stock portfolios sold off http://bit.ly/cZ56br </li></ul><ul><li>Captives might need to be run off http://bit. ly /cYq7w4 </li></ul><ul><li>Specialist employee costs are being jacked up http://bit. ly /9Mt0J0 </li></ul><ul><li>Not enough regulators with experience http://bit. ly /a7i21O </li></ul>
  4. 4. Solvency II Side Effects, Part Two <ul><li>International Financial Reporting Standards and Solvency II hit companies twice and from different angles http://bit.ly/9awkgy </li></ul><ul><li>Demand for bonds may be driven artificially high (and yields low) due to dumping of equities and buying of bonds http://bit.ly/bu3YM3 </li></ul><ul><li>Cost overruns http://bit.ly/cr4tPt </li></ul>
  5. 5. Is Catastrophe Risk Appropriately Represented? <ul><li>Mega Broker says no http://bit.ly/cHHoGz </li></ul><ul><li>Aon Benfield says no http://bit.ly/9Dbgt3 </li></ul><ul><li>Perils says that’s a mighty big catastrophe that insurers are expected to be prepared for http://bit.ly/9UENg2 </li></ul>
  6. 6. Solvency II Committees <ul><li>Ironically, they say they must now simplify the plans they’ve charted. </li></ul><ul><li>Read more at http://www.claudepenland.com/2010/11/30/more-solvency-ii-hand-wringing-coming-out-of-european-mouths/ </li></ul>
  7. 7. European Pensions <ul><li>Pension Funds & Insurers disagree. </li></ul><ul><li>Pension Funds don’t want to be regulated by Solvency II. </li></ul><ul><li>Insurers say what is good for the goose is good for the gander. </li></ul><ul><li>Read more at http://www.claudepenland.com/2010/12/01/european-insurers-versus-european-pension-funds-who-will-win-the-solvency-ii-argument/ </li></ul>
  8. 8. Final Points <ul><li>Most recent Solvency II test results might be released in March 2011 http://bit.ly/aZZF3z </li></ul><ul><li>Japan, Switzerland and Bermuda are going through “equivalency tests” http://bit.ly/cnA5v1 </li></ul><ul><li>Expect M&A http://bit.ly/ae75Yk </li></ul><ul><li>Expect Redomiciles http://bit.ly/bnhumt </li></ul>
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