The document discusses the rise of global regulatory standards for insurers. It notes that in response to the 2008 financial crisis, the G20 endorsed developing requirements for insurers designated as globally systemically important (G-SIIs). The International Association of Insurance Supervisors (IAIS) published a methodology for identifying G-SIIs and requirements intended to lower the risk they pose. These include enhanced supervision, effective resolution plans, and additional capital requirements. The document outlines the three-tier framework comprising baseline global standards (ICPs), additional standards for internationally active insurers (ComFrame), and more stringent requirements for G-SIIs. It provides details on new qualitative and quantitative requirements for G-SIIs relating to risk management, separation
18th Annual Global CEO Survey - Technology industry key findingsPwC
Tech CEOs are optimistic about the global economy and both near term and future revenue growth. They view strategic alliances, including partnering with competitors, as a primary means to grow their businesses. We invite you to explore the analysis and contact us to discuss how we can help your business capitalise on the new - but challenging - opportunities for growth. Learn more http://pwc.to/1DaolqY
Website: http://www.pwc.com/gx/en/ceo-survey/2015/industry/technology.jhtml
Shareholders Are Dissatisfied with CEO Compensation and Disclosure--Proxies Are Too Long, Difficult to Read.
Only 38 percent of institutional investors believe that corporate disclosure about executive compensation is clear and easy to understand. “Shareholders want to know that the size, structure, and performance targets used in executive compensation contracts are appropriate,” says Professor David F. Larcker of the Stanford Graduate School of Business. “Our research shows that, across the board, they are dissatisfied with the quality and clarity of the information they receive about compensation in the corporate proxy. Even the largest, most sophisticated investors are unhappy.”
“With new pressure from activist investors and annual ‘Say on Pay’ (SOP) votes, it is more important than ever that companies explain to their shareholder base why the compensation packages they offer are appropriate in size and structure,” says Aaron Boyd, director of Governance Research at Equilar. “Investors are noticing the wide range in quality and clarity among various companies’ proxies. They want companies to communicate and explain, rather than simply disclose,” adds Ron Schneider, director of Corporate Governance Services at RR Donnelley Financial Services. “This represents a significant opportunity for many companies to improve the clarity of their proxies.”
In the fall of 2014, RR Donnelley, Equilar, and the Rock Center for Corporate Governance at Stanford University surveyed 64 asset managers and owners with a combined $17 trillion in assets to understand how institutional investors use the information in corporate proxies.
Edelman Privacy Risk Index Powered by PonemonEdelman
The Edelman Privacy Risk Index℠ is a global study that reveals many organizations lack the business behaviors and compliance practices necessary to adequately address growing consumer and regulatory concerns about data security and privacy.
Retailers who are proactive with their approach to consumer privacy and retail cyber security will create more meaningful data and consumer engagement.
Despite having been one of the first industries to use data processing on a large scale, insurers have acquired a reputation of lagging technologically over the past decades. However, recent innovations around Big Data and analytics allow insurers to reassert themselves as leaders.
To gain greater insight into future changes in the insurance industry, the EIU surveyed over 300 executives at life and property/casualty insurers.
Stepping into the cockpit- Redefining finance's role in the digital agePwC
Insurance finance functions have been refining their
operating models to better align with business partner
demands, as well as adopting leading practices on how
to best utilize people, process and technology. The
challenge is that the business landscape is continuously
shifting and the pace of change is rapidly accelerating.
18th Annual Global CEO Survey - Technology industry key findingsPwC
Tech CEOs are optimistic about the global economy and both near term and future revenue growth. They view strategic alliances, including partnering with competitors, as a primary means to grow their businesses. We invite you to explore the analysis and contact us to discuss how we can help your business capitalise on the new - but challenging - opportunities for growth. Learn more http://pwc.to/1DaolqY
Website: http://www.pwc.com/gx/en/ceo-survey/2015/industry/technology.jhtml
Shareholders Are Dissatisfied with CEO Compensation and Disclosure--Proxies Are Too Long, Difficult to Read.
Only 38 percent of institutional investors believe that corporate disclosure about executive compensation is clear and easy to understand. “Shareholders want to know that the size, structure, and performance targets used in executive compensation contracts are appropriate,” says Professor David F. Larcker of the Stanford Graduate School of Business. “Our research shows that, across the board, they are dissatisfied with the quality and clarity of the information they receive about compensation in the corporate proxy. Even the largest, most sophisticated investors are unhappy.”
“With new pressure from activist investors and annual ‘Say on Pay’ (SOP) votes, it is more important than ever that companies explain to their shareholder base why the compensation packages they offer are appropriate in size and structure,” says Aaron Boyd, director of Governance Research at Equilar. “Investors are noticing the wide range in quality and clarity among various companies’ proxies. They want companies to communicate and explain, rather than simply disclose,” adds Ron Schneider, director of Corporate Governance Services at RR Donnelley Financial Services. “This represents a significant opportunity for many companies to improve the clarity of their proxies.”
In the fall of 2014, RR Donnelley, Equilar, and the Rock Center for Corporate Governance at Stanford University surveyed 64 asset managers and owners with a combined $17 trillion in assets to understand how institutional investors use the information in corporate proxies.
Edelman Privacy Risk Index Powered by PonemonEdelman
The Edelman Privacy Risk Index℠ is a global study that reveals many organizations lack the business behaviors and compliance practices necessary to adequately address growing consumer and regulatory concerns about data security and privacy.
Retailers who are proactive with their approach to consumer privacy and retail cyber security will create more meaningful data and consumer engagement.
Despite having been one of the first industries to use data processing on a large scale, insurers have acquired a reputation of lagging technologically over the past decades. However, recent innovations around Big Data and analytics allow insurers to reassert themselves as leaders.
To gain greater insight into future changes in the insurance industry, the EIU surveyed over 300 executives at life and property/casualty insurers.
Stepping into the cockpit- Redefining finance's role in the digital agePwC
Insurance finance functions have been refining their
operating models to better align with business partner
demands, as well as adopting leading practices on how
to best utilize people, process and technology. The
challenge is that the business landscape is continuously
shifting and the pace of change is rapidly accelerating.
Keeping it real - How authentic is your Corporate Purpose? Burson-Marsteller
Burson-Marsteller and Swiss-based IMD have been working together to research corporate purpose since 2008. This year’s study is presented in the context of the findings of Burson-Marsteller’s Corporate Perception Indicator, a global survey of public hopes and expectations of companies and their leaders.
Often with emerging technologies, there is a disconnect between what people are excited or care most about versus what they will actually invest in.
In our latest survey, we asked Digital Strategists at Enterprise companies to delineate between interest and investment in emerging technologies. This deck reveals the results. For our analysis and key takeaways, check out our post here: http://bit.ly/1g7Q12c
2015 investor digital and social media surveyBrunswick Group
Brunswick Group releases findings of its fifth global investor survey, which tracks the changing trends in how investors use digital media.
Key highlights from this year’s survey include:
• Influence of information direct from companies continues to increase
• Of digital media, blogs and presentation sharing cited as most influential
For more information please contact:
Jason Golz: www.brunswickgroup.com/people/directory/jason-golz/
Sparky Zivin: www.brunswickgroup.com/people/directory/sparky-zivin/
The Future of Industry: Sector Convergence & 2017 OutlookGrant Thornton LLP
What is the future of industries? How should we respond to the opportunities and challenges presented by this disruption? Every industry is being disrupted by fast-paced change on many fronts. In this deck, Grant Thornton industry leaders explore cross-industry issues and potential solutions to support your business in this ever-changing world.
Provider/payor Convergence: A path to continued growthGrant Thornton LLP
As bottom lines shrink, payors and providers are beginning to see convergence, or vertical integration, as the path to growth, Panelists from Johns Hopkins Institutions, Buchanan Ingersoll & Rooney PC and Grant Thornton LLP share their experience and offer insight on the challenges and benefits of this strategy. Read the full paper at http://gt-us.co/1Cv6MRA
In the cyber world, many are attacked but not all are victims. Some organisations emerge stronger. The most cyber-resilient organisations can respond to an incident, fix the vulnerabilities and apply the lessons to strategies for the future. A key element of their resilience is governance, a task that falls to the board of directors.
To learn more about the challenges of governing a cyber-resilient organisation, The Economist Intelligence Unit (EIU) conducted a global survey, sponsored by Willis Towers Watson, of 452 large-company board members, C-suite executives and directors with responsibility for cyber-resilience.
Among the findings:
-In the past year, a third of the companies surveyed experienced a serious cyber-incident — one that disrupted operations, impaired financials and damaged reputations — and most placed high odds on another one in the next 12 months.
-Many companies lack confidence in their ability to source talent and develop a cyber-savvy workforce.
-Executives cite the size of the financial and reputational risk as the most important reason for board oversight.
I am a proud angel investor in LEARNVEST, which was sold to Northwestern Mutual earlier this year. I just came across this very interesting report they did on financial confidence. If you know me, you know I love research, especially on anything related to women and money. Here it is!
Cloud Complexity: The need for resilience is an EIU report that looks into the critical shifts brought about by an increased organisational dependence on the cloud. In this survey, sponsored by Sungard Availability Services, and conducted by the EIU, 304 executives dispersed across France, the United Kingdom and the United States, were polled regarding their organisational resilience and technology adoption.
7 Ways Insurance Brokers Should Approach InsurTechSiren Group
“InsurTech” is a term used quite often these days – a spin-off of the even more popular word “FinTech.” It refers to technologies and platforms. These platforms can help optimize any of the principles for success or requirements of insurance.
InsurTech encompasses companies that provide insurance, but engage technology in a user-centric way.
Here are 7 ways of making InsurTech the heart of your business:
The 100 Leading Global Fintech Innovators 2015 H2 Ventures
We are pleased to present the second annual ‘Fintech 100’, the best fintech innovators, this year from 19 countries around the world.
The Fintech 100 are those companies using technology to the best advantage and driving disruption within the financial services industry. These companies have a commitment to excellence, superior customer experience and a demonstrated ability to do one thing in a market better than everyone else.
The Fintech 100 includes the leading 50 fintech companies across the globe, and the most intriguing 50 ‘emerging stars’ – exciting new fintechs with bold, disruptive and potentially game-changing ideas – expanding on the success of last year’s list.
Visit www.fintechinnovators.com for more information
The Exploring Consumer Attitudes & Actions on Key Tech Policy Issues 2014 study reveals a majority of respondents (59 percent) said either privacy or security had the biggest potential impact on their personal lives. This concern has led as many respondents (59 percent) to say they would take action related to security and privacy issues.
Conducted by Edelman Berland, the survey polled more than 1,000 U.S. consumers over the age of 18 to better understand their attitudes about major technology policy issues and their willingness to take action and engage in the political process on these issues.
Learn more: http://edl.mn/UGx2Ho
MSC presents a report to understand and assess the impact of the pandemic on the FinTech ecosystem. It also focuses on how the FinTech ecosystem has progressed and adapted to the new normal.
This report is intended primarily for business people who are tasked with understanding, interpreting, and acting on social data — executives, strategic planners, social strategists, and marketers. It outlines the key challenges of social data, proposes a value-based framework for social analytics, and recommends clear and pragmatic steps that companies engaged in social media must follow to ensure they are gaining insights, measuring effectively, interpreting accurately, and taking appropriate action — both today and in the longer term.
Artificial Intelligence has become a new way for businesses to strategize, connect, shape business models and rethinking their operations from scratch. Artificial Intelligence is a continuously growing phenomenon with more possibilities each day. Today, societies at large are realizing that AI can sow endless benefits in collaboration with human intelligence
Healthcare organizations are awash with data. However, electronic health records (EHRs) and digital clinical systems in many healthcare organizations have been deployed without strategic data and IT infrastructure security planning. As a result, chief information security officers (CISOs) frequently have limited authority, sparse staffing and tight budgets. Data security spending in healthcare lags behind other top cybercrime targets such as financial services, according to new research by HIMSS Analytics on behalf of Symantec Corporation.
Keeping it real - How authentic is your Corporate Purpose? Burson-Marsteller
Burson-Marsteller and Swiss-based IMD have been working together to research corporate purpose since 2008. This year’s study is presented in the context of the findings of Burson-Marsteller’s Corporate Perception Indicator, a global survey of public hopes and expectations of companies and their leaders.
Often with emerging technologies, there is a disconnect between what people are excited or care most about versus what they will actually invest in.
In our latest survey, we asked Digital Strategists at Enterprise companies to delineate between interest and investment in emerging technologies. This deck reveals the results. For our analysis and key takeaways, check out our post here: http://bit.ly/1g7Q12c
2015 investor digital and social media surveyBrunswick Group
Brunswick Group releases findings of its fifth global investor survey, which tracks the changing trends in how investors use digital media.
Key highlights from this year’s survey include:
• Influence of information direct from companies continues to increase
• Of digital media, blogs and presentation sharing cited as most influential
For more information please contact:
Jason Golz: www.brunswickgroup.com/people/directory/jason-golz/
Sparky Zivin: www.brunswickgroup.com/people/directory/sparky-zivin/
The Future of Industry: Sector Convergence & 2017 OutlookGrant Thornton LLP
What is the future of industries? How should we respond to the opportunities and challenges presented by this disruption? Every industry is being disrupted by fast-paced change on many fronts. In this deck, Grant Thornton industry leaders explore cross-industry issues and potential solutions to support your business in this ever-changing world.
Provider/payor Convergence: A path to continued growthGrant Thornton LLP
As bottom lines shrink, payors and providers are beginning to see convergence, or vertical integration, as the path to growth, Panelists from Johns Hopkins Institutions, Buchanan Ingersoll & Rooney PC and Grant Thornton LLP share their experience and offer insight on the challenges and benefits of this strategy. Read the full paper at http://gt-us.co/1Cv6MRA
In the cyber world, many are attacked but not all are victims. Some organisations emerge stronger. The most cyber-resilient organisations can respond to an incident, fix the vulnerabilities and apply the lessons to strategies for the future. A key element of their resilience is governance, a task that falls to the board of directors.
To learn more about the challenges of governing a cyber-resilient organisation, The Economist Intelligence Unit (EIU) conducted a global survey, sponsored by Willis Towers Watson, of 452 large-company board members, C-suite executives and directors with responsibility for cyber-resilience.
Among the findings:
-In the past year, a third of the companies surveyed experienced a serious cyber-incident — one that disrupted operations, impaired financials and damaged reputations — and most placed high odds on another one in the next 12 months.
-Many companies lack confidence in their ability to source talent and develop a cyber-savvy workforce.
-Executives cite the size of the financial and reputational risk as the most important reason for board oversight.
I am a proud angel investor in LEARNVEST, which was sold to Northwestern Mutual earlier this year. I just came across this very interesting report they did on financial confidence. If you know me, you know I love research, especially on anything related to women and money. Here it is!
Cloud Complexity: The need for resilience is an EIU report that looks into the critical shifts brought about by an increased organisational dependence on the cloud. In this survey, sponsored by Sungard Availability Services, and conducted by the EIU, 304 executives dispersed across France, the United Kingdom and the United States, were polled regarding their organisational resilience and technology adoption.
7 Ways Insurance Brokers Should Approach InsurTechSiren Group
“InsurTech” is a term used quite often these days – a spin-off of the even more popular word “FinTech.” It refers to technologies and platforms. These platforms can help optimize any of the principles for success or requirements of insurance.
InsurTech encompasses companies that provide insurance, but engage technology in a user-centric way.
Here are 7 ways of making InsurTech the heart of your business:
The 100 Leading Global Fintech Innovators 2015 H2 Ventures
We are pleased to present the second annual ‘Fintech 100’, the best fintech innovators, this year from 19 countries around the world.
The Fintech 100 are those companies using technology to the best advantage and driving disruption within the financial services industry. These companies have a commitment to excellence, superior customer experience and a demonstrated ability to do one thing in a market better than everyone else.
The Fintech 100 includes the leading 50 fintech companies across the globe, and the most intriguing 50 ‘emerging stars’ – exciting new fintechs with bold, disruptive and potentially game-changing ideas – expanding on the success of last year’s list.
Visit www.fintechinnovators.com for more information
The Exploring Consumer Attitudes & Actions on Key Tech Policy Issues 2014 study reveals a majority of respondents (59 percent) said either privacy or security had the biggest potential impact on their personal lives. This concern has led as many respondents (59 percent) to say they would take action related to security and privacy issues.
Conducted by Edelman Berland, the survey polled more than 1,000 U.S. consumers over the age of 18 to better understand their attitudes about major technology policy issues and their willingness to take action and engage in the political process on these issues.
Learn more: http://edl.mn/UGx2Ho
MSC presents a report to understand and assess the impact of the pandemic on the FinTech ecosystem. It also focuses on how the FinTech ecosystem has progressed and adapted to the new normal.
This report is intended primarily for business people who are tasked with understanding, interpreting, and acting on social data — executives, strategic planners, social strategists, and marketers. It outlines the key challenges of social data, proposes a value-based framework for social analytics, and recommends clear and pragmatic steps that companies engaged in social media must follow to ensure they are gaining insights, measuring effectively, interpreting accurately, and taking appropriate action — both today and in the longer term.
Artificial Intelligence has become a new way for businesses to strategize, connect, shape business models and rethinking their operations from scratch. Artificial Intelligence is a continuously growing phenomenon with more possibilities each day. Today, societies at large are realizing that AI can sow endless benefits in collaboration with human intelligence
Healthcare organizations are awash with data. However, electronic health records (EHRs) and digital clinical systems in many healthcare organizations have been deployed without strategic data and IT infrastructure security planning. As a result, chief information security officers (CISOs) frequently have limited authority, sparse staffing and tight budgets. Data security spending in healthcare lags behind other top cybercrime targets such as financial services, according to new research by HIMSS Analytics on behalf of Symantec Corporation.
Iberian Healthcare Forum, presentation session in Madrid and group brainstorming session for identification of questions that matter to be discussed in the summit.
How to change the Facebook Group privacy settingsStéphane Baudin
Group privacy setting is important. It determines who can find your group via search engin, who can see your group information and who can view your group activities. Take a look at the infographic " how to change Facebook Group Privacy settings?"
Projects are being sidelined, jobs are being lost, growth is being squandered, and freedoms seriously undermined by an out-of-control regulatory bureaucracy.
Loads of fitness professionals are striking out on their own. While these fitness pros know a thing or two about how to perform the perfect squat, many are newbies when it comes to marketing. Here are some tips for fitness pros to craft great email newsletters!
Més de 1.200.000 persones es van beneficiar de l’acció de les entitats socials d’Església, durant el 2014. Aquests resultats són fruit d’una recerca promoguda per la Càtedra d’Inclusió Social (Universitat Rovira i Virgili) i la Fundació Pere Tarrés amb la col•laboració del Campus Docent Sant Joan de Déu.
10 ideas to keep in mind when it comes to social media and your nonprofit. Lunch keynote presentation at NeighborWorks America Social Media and Web 2.0 Symposium on August 19, 2009 in Chicago, IL.
Rise to Top with Search Engine Optimization - for MaineToday Digital Search Influence
Maine Today Digital and The Portland Regional Chamber asked me to take part in their Marketing Breakfast Series.
We went beyond SEO 101 into some great strategies for content development and link-building.
International Capital Standard (ICS) Background PwC
PwC US risk & capital management leader Henry Essert and PwC global insurance regulatory director Ed Barron
recently sat down to discuss the proposed International Capital Standards (ICS) for insurers. They addressed at
length what the ICS is and what it could mean to insurers. The following pages contain their thoughts on the
standard, as well as some background information on capital management and related issues in the
insurance industry.
Like the rest of the financial services industry, insurers are subject to increasingly complex and prescriptive regulations and standards. In the year ahead, insurers will need to focus on the new U.S.Department of Labor fiduciary standard, which is likely to have a significant effect on how insurance products are sold. Moreover, global developments, especially those related to the developing International Capital Standard, will require insurers to closely monitor – and ideally contribute to – official discussions about how globally active insurers should manage capital
2016 Analysis on Beyond Implementation, Insurance, Business and Market Effect...Ganesh Pandagale
Description-
Synopsis
Timetrics 'Insight Report: Solvency II Beyond Implementation' analyzes the developments in the insurance industry following the implementation of Solvency II on January 1, 2016.
Most insurers in Europe region have found taht their risk management and governance strategies have improved as a result of Solvency II. Moreover, the regime prepares the ground for a single insurance market across Europe, enabling insurers and reinsurers to operate under the same set of regulations.
It will increase the competitiveness of insurers and reinsurers, and provide the same level of consumer protection throughout the European insurance industry.
To Browse a Report Detail with TOC @ http://www.researchmoz.us/insight-report-solvency-ii-beyond-implementation-report.html
This presentation on the G20/OECD High-Level principles on Financial Consumer Protection and sectoral guarantee arrangements by Sebastian Schich addresses the role of guarantee arrangements to protect consumer assets in the financial service sector, such as pension and insurance claims and bank deposits.
More information is available on the OECD website at http://www.oecd.org/finance/financialsectorguarantees.htm
http://www.oecd.org/finance/financialconsumerprotection.htm
The Economist Intelligence Unit, on behalf of BlackRock, surveyed senior executives from insurance and reinsurance companies around the world to understand how they were responding to the pressures their fixed income portfolios are under, and how they viewed private market asset classes such as real estate and infrastructure as an investment opportunity.
One of the fastest growing concerns on insurers’ enterprise risk agenda is model risk
management. From being a phrase that primarily actuaries and other modelers used, “model risk” has become a major focus of regulators and the subject of intense activity and debate at insurers. How model risk management has evolved from ad hoc efforts to its currentproactive stage is an interesting story. But more interesting still is
what we believe could be its next stage – generating measurable business value.
Now the important characteristic of the insurance industry is the development of insurance business and the use of insurance funds balanced development. Insurance company has become a financial enterprise with the dual function of economic compensation and financing. The use of insurance funds is an important pillar for the survival and development of modern insurance. This paper first introduces the basic situation of the insurance company; secondly, the risk of insurance companies in the use of capital, and finally the risk of insurance companies to use the possible risk of management and preventive measures
Open Insurance - Unlocking Ecosystem Opportunities For Tomorrow’s Insurance I...Accenture Insurance
For early adopters, open insurance offers new revenue streams, increased customer engagement and continued market relevance.
Learn more: https://www.accenture.com/us-en/insights/insurance/open-insurance
Accenture's report explains how natural language processing and machine learning makes extracting valuable insights from unstructured data fast. Read more. https://www.accenture.com/us-en/insights/digital/unlocking-value-unstructured-data
Open Insurance - Unlocking Ecosystem Opportunities For Tomorrow’s Insurance I...Accenture Insurance
For early adopters, open insurance offers new revenue streams, increased customer engagement and continued market relevance.
Learn more: https://www.accenture.com/us-en/insights/insurance/open-insurance
Accenture's report explains how creating effortless experiences are so simple and easy with our data-driven strategy framework to drive growth. Read more.
Whole-brain leadership prepares C-suites for the digital challenges ahead, ensuring seamless growth and high-value problem solving capabilities. Read more.
Wise Pivot is a strategy fit for the digital age that can help companies pursue new growth opportunities. Read more on how to choose your pivot wisely.
Wise Pivot is a strategy fit for the digital age that can help companies pursue new growth opportunities. Read more on how to choose your pivot wisely.
Accenture's Applied Customer Engagement (ACE) is a proven approach to re-thinking and revitalizing contact center operations for the digital era. Read more.
ALIP customers Get More…more product launches, more out-of-the-box functionality and efficiency, more personalized digital capabilities, more delivery “know how”. Read more.
Way Beyond Marketing - The Rise of the Hyper-Relevant CMOAccenture Insurance
Accenture's CMO Survey unveils some important insights on the role of the new CMO and how the role is changing in the digital age. Read more: https://www.accenture.com/us-en/insights/consulting/cmo
VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
https://viralsocialtrends.com/vat-registration-outlined-in-uae/
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.🤯
We will dig deeper into:
1. How to capture video testimonials that convert from your audience 🎥
2. How to leverage your testimonials to boost your sales 💲
3. How you can capture more CRM data to understand your audience better through video testimonials. 📊
Affordable Stationery Printing Services in Jaipur | Navpack n PrintNavpack & Print
Looking for professional printing services in Jaipur? Navpack n Print offers high-quality and affordable stationery printing for all your business needs. Stand out with custom stationery designs and fast turnaround times. Contact us today for a quote!
Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
Kseniya Leshchenko: Shared development support service model as the way to ma...Lviv Startup Club
Kseniya Leshchenko: Shared development support service model as the way to make small projects with small budgets profitable for the company (UA)
Kyiv PMDay 2024 Summer
Website – www.pmday.org
Youtube – https://www.youtube.com/startuplviv
FB – https://www.facebook.com/pmdayconference
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
Skye Residences | Extended Stay Residences Near Toronto Airportmarketingjdass
Experience unparalleled EXTENDED STAY and comfort at Skye Residences located just minutes from Toronto Airport. Discover sophisticated accommodations tailored for discerning travelers.
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Digital Transformation and IT Strategy Toolkit and TemplatesAurelien Domont, MBA
This Digital Transformation and IT Strategy Toolkit was created by ex-McKinsey, Deloitte and BCG Management Consultants, after more than 5,000 hours of work. It is considered the world's best & most comprehensive Digital Transformation and IT Strategy Toolkit. It includes all the Frameworks, Best Practices & Templates required to successfully undertake the Digital Transformation of your organization and define a robust IT Strategy.
Editable Toolkit to help you reuse our content: 700 Powerpoint slides | 35 Excel sheets | 84 minutes of Video training
This PowerPoint presentation is only a small preview of our Toolkits. For more details, visit www.domontconsulting.com
[Note: This is a partial preview. To download this presentation, visit:
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Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
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Sustainability: Balancing the Environment, Equity & Economy
The Rise of Global Standards and How Insurers Can Comply
1. The Rise of Global Standards
and How Insurers Can Comply
2. 2
Introduction
The financial crisis of 2008 highlighted
the need to strengthen the supervision
and control of financial institutions
designated as “Too Big to Fail”. At
the November 2010 Summit meeting
in Seoul, the G20 leaders endorsed a
report by the Financial Stability Board
(FSB) on reducing the moral hazard
posed by Global Systemically Important
Financial Institutions (G-SIFIs) by
proactively identifying such firms and
taking measures to lower the impact
associated with their failure.1
As part of this global initiative, greater
focus has been placed on potential
Global Systemically Important Insurers
(G-SIIs). A first list of nine firms,
comprising insurance companies with
home jurisdictions in the US, Europe
and China, was published in July 2013
(with no adjustments made to the
November 2014 release), including a
description of the methodology used
to qualify an insurer as a G-SII.2
This
methodology was published along with
a package of measures intended to
be applied to the mentioned G-SIIs.
The work of the International
Association of Insurance Supervisors
(IAIS),3
responsible for developing
these G-SII measures, also includes
additional requirements targeting
international insurance groups.
In our view, the G-SII requirements
are one key feature of a new global
regulatory landscape intended to promote
a common supervisory framework, thus
helping to improve the effectiveness and
consistency of insurance regulations.
We see the advent of a global insurance
regulatory architecture as a major
challenge, both for supervisors and
insurers. This document will explore
the impacts on insurers and how they
can respond to these developments
based on current regulatory drafts.
3. 3
Do Insurers Pose Systemic Danger?
The financial crisis helped confirm
the overall resilience and strength of
the insurance business model. It also
demonstrated that the systemic relevance
of insurance groups is correlated
with activities outside the traditional
insurance business field.4
As a result, the
International Association of Insurance
Supervisors (IAIS) has taken the initiative
of defining the sources of systemic risk,
due mainly to non-traditional insurance
and non-insurance (NTNI) activities,
or as a result of interconnectedness
(the extent to which an activity and/
or product is linked to the financial
markets. Other considerations include
the institution’s size, global activity
and its “substitutability” which is its
capacity to continue providing services
(in this case, insurance coverage)
following the failure of an entity.
NTNI activities can include leveraging,
liquidity or maturity transformation,
imperfect credit risk transfers such as
“shadow banking” and credit guarantees
or minimum financial guarantees. Such
activities often involve products that
are more complex than traditional
insurance products, thus shifting
financial market risk to insurers. Figure
1 below illustrates major traditional
and non-traditional insurance activities
as well as non-insurance activities.
As mentioned, nine insurance groups
were identified by the FSB as global
systemically important insurers
(G-SIIs) in July of 2013, based upon
the IAIS’s definition of sources of
systemic risk and NTNI activities.
Beyond the G-SII designation, the IAIS
developed an internationally coherent
framework for the supervision of
large, complex and global groups.5
This framework is not dependent
on whether or not an insurance
group is systemically important.
Source: “Insurance and Financial Stability,” International Association of Insurance Supervisors, November 2011. Access at: http://forinsurer.com/files/file00400.pdf
Figure 1. Major traditional, non-traditional and non-insurance activities
Non-insurance
Activities
Insurance
Activities
Traditional Activities Non-traditional Activities
- Credit default swaps (CDS) and collateral debt obligations underwriting
- Capital market business
- Banking, investment banking and hedge fund activities
- Third-party asset management
- Industrial activities
Underwriting
Investment
and Funding
- Most life and non-life
(re)insurance business lines
- Proprietary investment function
(asset liability management - ALM)
- Hedging for ALM
- Funding through equity and debt
issues, and securities lending
- Life insurance and variable annuities
with additional guarantees
- Mortgage guarantee insurance
- Trade credit insurance
- Proprietary and derivatives trading
(non-ALM)
- Property management (as it
relates to an investment portfolio)
- Alternative risk transfer, including
insurance-linked securities
- Financial guarantee insurance
- Finite reinsurance
- Purely synthetic investment portfolios
- Cascades of repos and securities lending
- Scope and scale of activities beyond
insurance remit
4. 4
The New Global Insurance Regulatory Landscape
Figure 2 on the next page illustrates
the relationships between the three
types of requirements that apply to
insurers depending on their activities,
size and systemic importance: the IAIS
Insurance Core Principles6
(ICPs), the
Common Framework for the Supervision
of Internationally Active Insurance
Groups7
(ComFrame), and the Global
Systemically Important Insurers package.8
• The ICPs standards and guidance
apply to all insurers and insurance
groups, regardless of size, international
activities or systemic importance.
• ComFrame is a set of international
supervisory requirements focusing
on the effective group-wide
supervision of internationally
active insurance groups (IAIGs).
• G-SII policy measures should apply
only to designated G-SIIs, and should
be appropriate for the risks that
G-SIIs pose to the financial system.
ICPs should apply to all insurers when
capital requirements and other measures
vary based on whether an institution is
deemed an IAIG or G-SII. IAIGs would
be subject to ComFrame and its
capital adequacy component, known
as Insurance Capital Standards (ICS),
and G-SIIs would have to cope with
all quantitative requirements. These
include Basic Capital Requirement (BCR),
Higher Loss Absorbency (HLA) and ICS
plus the G-SII Policy Measures’ specific
qualitative requirements in addition to
the ComFrame and ICP requirements.
Note that the IAIS is responsible for
setting out the criteria and process used
by supervisory colleges to identify IAIGs
and that the national regulators have
discretion to determine whether an
insurance group qualifies as an IAIG.9
New Qualitative Requirements
The ICPs are the global standards for the
supervision of the insurance sector. They
are structured to allow a wide range of
regulatory approaches and supervisory
processes to suit both the different
markets and the insurance entities and
groups operating within these markets.
ComFrame is built, and expands upon,
the high-level requirements and guidance
currently set out in the ICPs. This
framework is not concerned with whether
or not an insurance group is systemically
important. The key criteria here, as seen
in Figure 3, are whether the insurer has
worldwide activities and, if so, what is
the scope of those activities. As a result,
the IAIS expects that approximately 50
IAIGs will be identified by supervisors.10
ComFrame would require from
insurers a set of measures
derived from Enterprise Risk
Management (ERM) including:11
• Moving from a silo approach (with
each business unit identifying and
treating risks independently) to a
portfolio approach (with business
units cooperating within a common
risk management framework);
• Moving from a reactive risk
management approach to a
proactive approach, aligned with the
company’s overall strategy through
an explicit risk appetite statement
and explicit risk limits; and
• Extension of the board’s
responsibilities.
The IAIS framework for G-SIIs
has three key policy areas:12
1. Enhanced Supervision – Enhanced
supervision applies immediately to
all G-SIIs. This involves specifically
targeted regulation, greater
supervisory resources and bolder use
of existing supervisory tools than is
the case with supervision of non-
systemically important insurers.
2. Effective Resolution – Effective
resolution requirements aim to
ensure that the resolution of G-SIIs
could take place without severe
systemic disruption and without
increasing taxpayers’ exposure
to loss. The resolution should be
carried out in a way that does not
slow down existing policyholder
protection schemes. Building on
the key attributes indicated by the
FSB, the IAIS promotes four main
requirements in effective resolution.
3. Higher Loss Absorbency (HLA) -
The IAIS was committed to develop
“straightforward backstop capital
requirements” to apply to all G-SIIs.
The provision of additional capital is
intended to help reduce the probability
and impact on the global financial
system in case of G-SII failures.
5. 5
Source: “10th Annual Insurance Public Policy Summit, Confronting New Challenges in U.S. and International Regulation,” Institute of International Finance, March 12, 2014.
Access at: http://indstate.edu/business/NFI/events/10AIPPS/docs/Insurance%20Portilla%20IIF.pptx
Figure 3. Criteria used by IAIS for classifying IAIGs
Source: “Frequently Asked Questions for the IAIS Common Framework for the Supervision of Internationally Active
Insurance Groups (ComFrame),” International Association of Insurance Supervisors, Updated December 17, 2014.
Access at: http://iaisweb.org/index.cfm?event=openFilenodeId=41664
International Activity
- Premiums are written in no fewer than three jurisdictions, and
- Percentage of gross premiums written outside the home jurisdiction
is not less than 10% of the group’s total gross written premiums
- Total assets of $50 billion US or more, or
- Gross written premiums of $10 billion US or more
Size (based on a rolling three-year average)
The application matrix below summarizes the requirements by type of insurer
Apply to…
G-SII
IAIG
All Other Insurers
BCR HLA ICS ComFrame ICPs
G-SII Global Systemically Important Insurer
IAIG Internationally Active Insurance Group
ICS Insurance Capital Standard
ICPs Insurance Core Principles
BCR Basic Capital Requirement
HLA Higher Loss Absorbency
Source: “10th Annual Insurance Public Policy Summit, Confronting New Challenges in U.S. and International Regulation,” Institute of International Finance, March 12, 2014.
Access at: http://indstate.edu/business/NFI/events/10AIPPS/docs/Insurance%20Portilla%20IIF.pptx
Figure 2. Global regulatory framework affecting insurers, specifically G-SIIs and IAIGs
Qualitative
Quantitative
Qualitative
Type of
requirements
ComFrame expands on ICPs
G-SII Policy Measures
All Insurers
(Individual/Group)
G-SIIs
= 9 groups identified
IAIGs
≈ 50 groups identified
G-SII Global Systemically Important Insurer
IAIG Internationally Active Insurance Group
ICS Insurance Capital Standard
ICPs Insurance Core Principles
BCR Basic Capital Requirement
HLA Higher Loss Absorbency
Capital Adequacy
Component of ComFrame
Capital Requirements
for G-SIIs
ICPs
ComFrame
ICS
HLA
BCR
Effective Resolution
Enhanced Supervision
6. Figure 4. Chronology in developing capital standards requirements
Macro-order in
developing the standards
G-SII
IAIG
BCR HLA ICS
1 2
3
xx
6
Focus on G-SII Qualitative Requirements
The items listed below represent only
one part of the G-SII requirements,
but, in our view, they would require
more attention and a greater
investment on the part of the affected
institutions in the years to come.
For a complete description of the requirements
see: “Global Systemically Important Insurers: Policy
Measures,” International Association of Insurance
Supervisors, July 18, 2013. Access at: http://iaisweb.
org/index.cfm?event=openFilenodeId=34256.
Systemic Risk Management
Plan (SRMP)
G-SIIs should be expected to start work
with their group wide supervisor in
developing a SRMP. The SRMP describes
how the G-SII would manage, mitigate
and reduce its systemic risk. The SRMP
should include the actions the G-SII
will take to either reduce systemic risks
or to mitigate those risks. It should
also describe the GSII’s enterprise
risk management framework and the
control framework that is in place to
effectively mitigate these systemic risks.
Effective separation of
NTNI activities
The group-wide supervisor may ask the
G-SII to apply effective separation of
NTNI activities to help reduce or mitigate
systemic risks. The approach should be
defined in the SRMP, and developed
by the G-SII in collaboration with the
group supervisors. The question of what
constitutes effective separation is a
critical supervisory policy issue. Whether
or not NTNI activities are effectively
separated could directly affect the
resolvability of this question and may
affect the calculation of higher loss
absorption to be applied to the G-SII. As
per the requirement, a G-SII should meet
the following five regulatory standards, as
applied by the group-wide supervisor, in
order to be deemed effectively separated:
1. An effectively separated entity
(subsidiary or affiliate) should be
self-sufficient to the degree that
it can operate without the support
of the parent or affiliates.
2. The separated entity’s governance
framework should ensure the
operational independence
of management (including
risk management).
3. Separation should not result in
non-regulated financial entities.
4. Intra-group transactions or
commitments with the separated
entity should be at arm’s length.
5. Reputational risks that could result
in the parent or an affiliate providing
financial support to the separated
entity should be mitigated.
The elaboration of Recovery
and Resolution Plans (RRPs)
There should be an ongoing process
for recovery and resolution planning,
covering, at a minimum, the domestically
incorporated firms that could be
systemically significant or critical if they
fail. The firm’s senior management would
be responsible for providing the necessary
inputs to the resolution authorities
for (i) the assessment of the recovery
plans; and (ii) the preparation by the
resolution authority of resolution plans.
The goal of RRPs should be to maintain
or restore the business in a sustainable
way in the event of financial distress.
New Quantitative Requirements
We expect that the BCR (basic capital
requirement, formerly known as backstop
capital requirement) calculation
methodology that follows may be
modified in the future, as supervisors
and IAIGs are presently in a testing
and refinement phase (see page 12).
The BCR is the foundation for the HLA
calculation and could be ultimately
replaced by the ICS. Figure 4 identifies
the insurance groups covered, and
the steps or order of the definitions
used in developing the different
capital standards requirements.
Source: Accenture analysis of publicly available documents
8. 8
Basic Capital Requirement (BCR)
At the moment, a factor-based
approach consisting of 15 risk
measures is used to calculate BCR.13
This approach helps employ a simple
structure that can be applied to all
insurance groups while maintaining
transparency into the 15 risk measures.
An insurance group’s BCR amount
can be identified using its BCR
Ratio which is defined as:
BCR Ratio = Total Qualifying
Capital Resources (for BCR) /
Required Capital (for BCR)
The approach for calculating required
capital should take into account
the risks derived from these five
major activity groupings: an insurer’s
traditional life and non-life insurance
(TL, TNL), non-traditional activities (NT),
assets (A) and non-insurance (NI).
Qualifying capital resources are
determined on a consolidated basis,
with possible adjustments as required.
Qualifying capital resources may be
classified as either core or additional
capital. Having two categories of
qualifying capital resources would provide
insurers with the option of defining a
number of potential BCR Ratios such as:14
• BCR Core Ratio defined as: Core
Capital/Required Capital
• BCR Total Ratio defined as: Total
Capital/Required Capital
Figure 5. BCR required capital calculation methodology
Source: “Basic Capital Requirements for Global Systemically Important Insurers,” International Association of Insurance
Supervisors, October 23, 2014. Access at: http://j7.agefi.fr/documents/liens/201410/24-YVSQBZCIUQXEXMN.pdf
TL Traditional life
TNL Traditional non-life
NT Non-traditional
A Asset
- α (alpha) is the scalar (initially set at 100%)
to determine the overall BCR level13
- ai
, bi
, ci
and di
represent the factors applied to
the exposures
- TLi
, TNLi
, NTi
, and Ai
represent the exposures
- NI reflects the charges provided by sectoral
rules for non-insurance activities, for
example, Basel Accord requirements,
established by the BCBS
Where:
BCR Required Capital = α ai
TLi
bi
TNLi
ci
NTi
NIi
di
Ai++ + +
4
i=1
4
i=1
4
i=1
3
i=1
n
i=1
10. 10
Higher Loss Absorbency (HLA)15
Targeted HLA Capacity (step 1) –
to the extent the G-SII has demonstrated
effective separation of NTNI
activities from traditional insurance
activities, targeted HLA would be
applied to the separate entities.
Group-wide HLA Capacity (step
2) – whether or not NTNI activities
have been separated, an overall
assessment of group-wide HLA needed
should be undertaken and the group-
wide supervisor could determine
whether the HLA capacity held at the
dedicated NTNI entities is sufficient
or needs to be further increased.
Insurance Capital Standard (ICS)
The following excerpt from a
blog published by John Morley,
Managing Director at Accenture,
provides additional insight into
the challenges surrounding ICS.
The big ICS challenge will be
developing a “normalised” balance
sheet and capital model that
makes sense across the nine G-SIIs
and 40 plus IAIGs under multiple
GAAPs and business profiles. This
is the key technical challenge.
Whilst an approach to the assets
can (be) tackled the normalising of
Insurance liabilities will be the true
test. Interestingly the consultation
has questions covering an internal
model approach. However, given the
timeframe, number and diversity
of impacted companies it would be
safe to conclude that this is not a
feasible option, especially when we
view the Solvency II experience.
Additionally, as the ICS will replace
the BCR we can expect that the
most likely outcome for the capital
charge is a factor-based approach
like the BCR. We could expect more
granularity, some additional sub-
sets of calculation and perhaps a
stronger integration of diversification
benefits. It will be interesting to see
at what level the ICS capital charge
will “bite” and what message that
will give to the national regulator
whose home solvency capital basis
was not enough for their IAIG. Like
the BCR it makes sense to leave
calibration until the final stages.
Source: “Another Insurance Capital Standards?
Getting to grips with the ICS,” John Morley,
Accenture, February 14, 2015. Access at: https://
www.linkedin.com/pulse/another-insurance-
capitals-standard-getting-grips-ics-john-morley
11. 11
BCR
Basic Capital Requirement
HLA
Higher Loss Absorbency
ICS
International Capital Standard
General
Objective Serve as a comparable prudential
floor, an early warning indicator,
a minimum capital standard
Internalize the costs on the financial
system that a G-SII would have
in case of a potential failure
Contribute to the stability of the financial
system and the protection of consumers
Nature Basic (formerly “backstop”)
capital requirement
Additional level of capital in relation to a
G-SII’s systemic activities (i.e. G-SIIs will
be required to hold capital BCR + HLA)
A measure of capital adequacy
and will constitute the minimum
standard to be achieved
Developer IAIS IAIS IAIS
Sponsor FSB FSB IAIS
Application Only to G-SIIs and at consolidated
group-wide level
Only to G-SIIs and at consolidated
group-wide level
All IAIGs (including G-SIIs) and at
consolidated group-wide level
Links
Inter-linkage The BCR is the foundation for HLA (and
the BCR calibration may be modified
depending on the HLA requirements)
The HLA will build on the BCR (The BCR will
serve as the comparable foundation for HLA.
When the ICS is finalized, it will replace the
BCR in its role as the foundation for HLA)
The ICS is the foundation for HLA,
initially the BCR (ICS is the quantitative
part of the ComFrame initiative)
Articulation
with Solvency II
Balance sheet (B/S) valuation compatible
with Solvency II (S2) (Market-Adjusted
Valuation Approach, starting with IFRS or
GAAP, and making adjustments to major
B/S items) factor-based approach similar
to S2 Minimum Capital Requirements
B/S valuation compatible with S2 and
resembling S2 Solvency Capital Requirement
To be confirmed
Technicaldetails
Public/Private Initial phase of annual confidential
reporting to group-wide supervisor from
2015-18, public reporting to follow
Transparency with regard to the final results Disclosure of the final results
Scope of risks Main risks (assets, liabilities and off-
B/S exposures) on three components
(insurance, banking, other non-insurance
financial activities not currently subject
to regulatory capital requirements, with
a further fourth component covering
other material non-financial activities)
Drivers of G-SII assessment with
capital uplift on NTNI activities
(non-traditional, non-insurance)
All material risks (including non-insurance
risks and off-B/S activities). It is expected
that a more comprehensive approach will be
adopted for ICS development than for BCR
Design Simple design and presentation (limits:
no explicit recognition of Asset Liability
Management (ALM), implicit diversification,
reinsurance to be clarified)
Pragmatic, practical design (appropriate
balance between granularity and simplicity)
Appropriate balance between risk sensitivity
and simplicity (explicit treatment of
diversification and ALM to be explored)
Capital
adequacy
BCR can be covered by core and
additional capital (max 50/50)
HLA can be covered by
highest quality capital
Tiering approach for qualifying
capital resources
Milestones
First steps Consultation (December 2013 – February 2014)
Field Test (March 2014 – May 2014)
Consultation (July 2014 – August 2014)
Publication of BCR design (October 2014)
Endorsement by G20 (November 2014)
Publication of principles (September 2014)
HLA Consultation (December 2014 –
February 2015)
Consultation (October 2013 – December 2013)
Publication of principles (September 2014)
Revised ComFrame draft (September 2014)
ICS Consultation (December 2014 –
February 2015)
Next steps As of 2015, reviewing and refining
of BCR along with first reporting
Field Test (March 2015 – September 2015)
Release of initial HLA consultation
document (mid-2015)
Field Test (April 2015 – June 2015)
ComFrame Consultation (December 2015)
Field Test (April 2016 – June 2016)
Confidential reporting (2017-2018)
Finalization HLA proposal to be endorsed by
G20 in December of 2015
Finalization (December 2016)
Consultation and Refinement (December 2017)
IAIS formal adoption (Q4 2018)
Implementation From 2015 to 2019 From 2019 From 2019
Figure 6. Overview of global capital standards requirements
Source: Accenture analysis of future global capital standards based on publicly available IAIS and FSB documents
12. Consultation
HLA
Consultation
BCR
Consultation
BCR
FT FT FT
Consultation
ComFrame
Consultation
ICS and Resolution
Consultation
ComFrame/ICS
Consultation
ComFrame/ICS
FT ICS FT ICS FT ICS
Figure 7. High-level global capital standards roadmap
G-SIIPackageIAIGPackage
Status as of May 2015
Source: Accenture analysis based on publicly available IAIS, IASB, FSB documents
2013 2014 2015 2016 2017 2018 ......
Publication of 1st G-SII
list and methodology
Basic Capital Requirement
(BCR) + republished G-SII list
Higher Loss Absorbency
Proposal (HLA)
HLA ApplicationBCR reportingRRP
ICS
Global Insurance Capital Standard (ICS) for IAIGs Full adoption of ComFrame/ICS
CMG established
+ SRMP completed
Standard development milestone
Standard implementation milestone
Standard development by standard-setters
Implementation of required changes by insurance companies
FT Field Testing
G-SII Global Systemically Important Insurer
IAIG Internationally Active Insurance Group
CMG Crisis Management Group
SRMP Systemic Risk Management Plan
RRP Recovery and Resolution Plan
12
Effects on Insurers’ Agendas:
Expected Implementation Timeline
The timeline for implementing some
of these measures are both ambitious
and uncertain. For example, G-SII
measures on enhanced supervision
(including development of the Systemic
Risk Management Plan) should have
been implemented by now.16
In addition, G-SII measures on effective
resolution (including recovery and
resolution plans or RRPs) should have
also been developed and agreed by crisis
management groups (CMGs) as they
were expected by the end of 2014.
It was anticipated that the BCR would
be applied to G-SIIs as of January
2015. When this happens, it is likely to
influence the development of two other
capital standards planned by the IAIS:17
• The HLA, the additional capital
requirement for G-SIIs, and
• ICS for IAIGs
The IAIS is committed to develop the ICS
by the end of 2016. Full implementation
is scheduled to begin in 2019 after
two years of testing and refinement
with supervisors and IAIGs.18
Figure 7 below presents a timeline
of when key measures could be
expected to impact G-SIIs and IAIGs.
13. 13
The Specific Case of Reinsurance
The decision to include some reinsurers
within the list of G-SIIs has been
postponed several times. Even if
traditional insurance activities are
not considered as either generating or
amplifying systemic risk, the question
whether reinsurers could create systemic
risk through non-insurance activities such
as writing collateralized debt securities or
CDSs is still on the table. At the moment,
the IAIS has postponed the decision, as
further study and analysis is required.19
Effects on Insurers and How
They Should Respond
Insurers have taken different positions on
new global standards; some are waiting
for more information before taking a
stand, while others have already publicly
criticized the measures.20
They argue that
these new measures should be aligned
with other regimes (Solvency II in the EU)
that have required hard, extensive work
to stabilize. In addition, they say that
these requirements may have a negative
impact on the insurer’s business model,
by requiring additional capital charges
at a time when insurers are already
facing difficult market conditions.
In our view, even if the new capital
regime is not yet stabilized, some key
aspects of the policy measures should
be highlighted—in particular those that
complement the Solvency II regime in
the EU—including the implementation of
the enhanced supervision and effective
resolution packages for G-SIIs.
As a first step, insurers should think
about their ability to identify their
NTNI activities, assess their alignment
with their risk strategy, and enhance
their ERM capabilities. Insurers should
not underestimate the amount of work
needed to implement these measures,
especially the steps related to identifying
NTNI activities, implementing the key
attributes and taking the corrective
actions called for as part of the ERM
framework. This, we believe, could
put even more pressure on actuarial,
finance and risk resources, and
increase the need to foster cooperation
between internal departments
and the regulatory supervisor.
Finally, the new capital measures may
require additional capital adequacy field
tests, scenario analysis and a comparison
with other regimes (particularly the
valuation question, maintaining
market consistency versus Generally
Accepted Accounting Principles and
expected adjustments to regulations).
These new sets of requirements could,
in our view, change the playing field
and create new opportunities for the
formation of subsidiaries, mergers and
acquisitions, and for the development
of new financial and asset liability
management strategies, among the
most-discussed areas. The sooner insurers
review these different requirements, the
more able they would be to anticipate
potential higher capital charges and
adjust their business models accordingly.
Responding to These
New Designations
In response to the new
G-SII designation, we have
observed institutions adopt
the following strategies:
1. Exiting strategy with institutions
reshaping their company
structure by carving out parts
of their business, or challenging
the designation in court.
2. Accommodation strategy with
institutions accepting the higher
capital requirements, policy
measures and committing to
comply with new designation.
3. Wait and see strategy with
institutions awaiting the IAIS’s
fine-tuning of the rules and
how these will be applied.
For financial institutions, the
best course of action may
be a combination of these
strategies. We suggest they
also consider field-testing and
actively communicating their
perspectives and thoughts
on the G-SII designation
with their local regulator.
14. 14
Conclusion
Numerous studies and analysis indicate
that traditional insurance activities are
not a major source of systemic risk.21
Such
risks come mainly from NTNI activities
or as a result of interconnectedness
with other institutions.
Our understanding of the underlying
intentions of regulators and
global leaders is: to discourage the
development of NTNI activities and
interconnectedness by applying higher
capital charges; to minimize the impacts
of failure by developing effective
resolution plans; and to specifically
oversee systemic institutions. However
the G-SII initiative is only one part of
a global framework with the overall
goal of defining an insurance capital
standard which could be applied to
the entire global insurance industry.
This new capital standard is designed to
create a framework which would allow
for more effective cross-jurisdictional
regulatory supervision through the use of
a comparable base across all jurisdictions.
We believe insurers should keep a
close eye on the wide package of IAIS
measures. The development of this
comprehensive framework of reforms
involves more than just capital; it is
under way and may affect each insurer—
whether a G-SII, an IAIG, a domestic
systematically important insurer (D-SII),
or one to be. The borders defining these
categories are not yet clearly defined
and could change based on current
developments. Even an institution’s
growing activity levels, expanding
international footprint and foray into
new businesses could make it eligible for
a G-SII and, or IAIG designation. We also
expect important increases in the level of
insurance supervision across the globe,
thus impacting institutions across regions.
15. 15
Notes
1. G-SIFIs are defined by the Financial
Stability Board as “institutions
of such size, market importance,
and global interconnectedness
that their distress or failure would
cause significant dislocation in the
global financial system and adverse
economic consequences across a
range of countries.” G-SIIs are one
class of G-SIFIs. For more information
see “Global Systemically Important
Insurers: Policy Measures,” International
Association of Insurance Supervisors,
July 18, 2013. Access at: http://www.
fsa.go.jp/inter/iai/20130719/04.pdf
2. “Global systemically important insurers
(G-SIIs) and the policy measures
that will apply to them,” Financial
Stability Board, July 18, 2013. Access
at: http://www.financialstabilityboard.
org/wp-content/uploads/r_130718.
pdf?page_moved=1. “2014 update of
list of global systemically important
insurers (G-SIIs),” Financial Stability
Board, November 6, 2014. Access at:
http://www.financialstabilityboard.org/
wp-content/uploads/r_141106a.pdf
3. The International Association of
Insurance Supervisors (IAIS) is
responsible for developing the
assessment methodology while the
Financial Stability Board FSB is
responsible for designating the G-SIIs
based upon the IAIS methodology.
4. “Global Systemically Important Insurers:
Initial Assessment Methodology,”
International Association of
Insurance Supervisors, July 18,
2013. Access at: https://www.lloyds.
com/~/media/files/the%20market/
operating%20at%20lloyds/regulation/
gpa/final_initial_assessment_
methodology_18_july_2013.pdf
5. “Frequently Asked Questions for the IAIS
Common Framework for the Supervision
of Internationally Active Insurance
Groups (ComFrame),” International
Association of Insurance Supervisors,
Updated December 17, 2014.
Access at: http://iaisweb.org/index.
cfm?event=openFilenodeId=41664
6. “Insurance Core Principles,
Standards, Guidance and Assessment
Methodology,” International Association
of Insurance Supervisors, October 1,
2011, revised October 19, 2013. Access
at: http://iaisweb.org/modules/icp/
assets/files/Insurance_Core_Principles__
Standards__Guidance_and_Assessment_
Methodology__October_2011__
revised_October_2013_.pdf.pdf
7. “Common Framework for the
Supervision of Internationally Active
Insurance Groups,” International
Association of Insurance Supervisors,
Revised DRAFT, September 2014.
Access at: http://iaisweb.org/index.
cfm?event=openFilenodeId=34519
8. “10th Annual Insurance Public
Policy Summit, Confronting New
Challenges in U.S. and International
Regulation,” Andrés Portilla, Institute
of International Finance, March 12,
2014. Access at: http://indstate.edu/
business/NFI/events/10AIPPS/docs/
Insurance%20Portilla%20IIF.pptx
9. “Risk-based Global Insurance Capital
Standard,” International Association
of Insurance Supervisors, Public
Consultation Document, December
17, 2014. Access at: https://actuary-
pl.s3.amazonaws.com/Risk-based_
Global_Insurance_Capital_Standard_
Consultation_Document.pdf1.pdf?AWSA
ccessKeyId=AKIAIOW3KDG2CZARXGMA
Expires=1433383943Signature=SUF
X%2BYpGyQlkTGF3YjAgWwU2Vnw%3D
10. Ibid
11. “Common Framework for the
Supervision of Internationally Active
Insurance Groups,” International
Association of Insurance Supervisors,
Revised DRAFT, September 2014.
Access at: http://iaisweb.org/index.
cfm?event=openFilenodeId=34519
12. “Global Systemically Important
Insurers: Policy Measures,”
International Association of
Insurance Supervisors, July 18, 2013.
Access at: http://iaisweb.org/index.
cfm?event=openFilenodeId=34256
13. “Basic Capital Requirements forn
Global Systemically Important
Insurers,” International Association
of Insurance Supervisors, October
23, 2014. Access at: http://j7.agefi.
fr/documents/liens/201410/24-
YVSQBZCIUQXEXMN.pdf
14. Ibid
15. “Global Systemically Important
Insurers: Policy Measures,”
International Association of
Insurance Supervisors, July 18, 2013.
Access at: http://iaisweb.org/index.
cfm?event=openFilenodeId=34256
16. “Frequently Asked Questions
for IAIS Financial Stability and
Macroprudential Policy and Surveillance
(MPS) Activities,” International
Association of Insurance Supervisors,
Updated December 17, 2014.
Access at: http://iaisweb.org/index.
cfm?event=openFilenodeId=41690
17. “Basic Capital Requirements for Global
Systemically Important Insurers,”
International Association of Insurance
Supervisors, October 23, 2014.
Access at: http://iaisweb.org/index.
cfm?event=openFilenodeId=34540
18. Ibid
19. “IAIS Releases Global Systemically
Important Insurers Assessment
Methodology and Policy Measures,
Macroprudential Policy and
Surveillance Framework,” International
Association of Insurance Supervisors,
newsletter. Access at: http://
newsletter.iaisweb.org/newsletterlink-
381?newsid=1087call=1
20. “Aviva and Allianz CEOs criticise
‘regulatory tsunami’,” Insurance
ERM, February 28, 2014. Access at:
https://www.insuranceerm.com/news-
comment/aviva-and-allianz-ceos-
criticise-regulatory-tsunami.html
21. “Insurance and Financial Stability,”
International Association of Insurance
Supervisors, November 2011. Access at:
http://forinsurer.com/files/file00400.pdf