PwC highlights from the ABI Solvency II Conference

 

PwC sponsored the ABI's Solvency Conference on 20 October.  The event brought together 300 industry professionals to discuss Solvency II and hear the views of key decision makers from the European Commission and CEIOPS, with Karel van Hulle (Head of Unit, Insurance and Pensions, Financial Institutions, European Commission), Gabriel Bernadino (CEIOPS Chair). PwC supported the ABI, delivering six break-out sessions across a range of Solvency II topics (see below) and for more information, please review the key highlights from these sessions.

The PwC break-out sessions covered:

 

ORSA
This session will look at the ‘Own Risk and Solvency Assessment’ (ORSA) - a significant new requirement under Solvency II.

 

Groups and Equivalence
The impact of significant changes for groups, affecting their capital requirements, risk management and supervision.

 

The impact of Solvency II on Financial Reporting and Tax
Solvency II will drive fundamental changes in external reporting and tax requirements. With IFRS II for insurance companies also looking like it might become a reality, this session will focus on the implications it will have for insurers as we move into a Solvency II world.   Insurers will also have to manage the transition to basing their tax calculations on IFRS accounts, which will only be one of a number of major tax impacts arising from Solvency II.    

 

Internal Models
The development and use of internal models, and the challenges of the internal model approval process

 

Wholesale insurance/London market
This session will seek to address a number of the key issues that may face the London market following Solvency II implementation.

 

Impact on People and supporting infrastructure
This session will consider the people and cultural aspects as well as the IT and systems implications that flow from Solvency II implementation - and how they can be addressed