Under the heading of Solvency II , the European Commission currently prepares a reform of the supervisory regime for the insurance industry. In analogy with Basel II, it applies a three-pillar approach: With the solvency capital requirement and the minimum capital requirement, Pillar 1 comprises the specifications for calculating regulatory indicators. The second pillar covers the regulatory supervision procedure that is implemented through minimum requirements for risk management by direct insurers and reinsurers. Pillar 3 focuses on disclosure rules and obliges insurance companies to publish regular risk reports.
Given its long-standing experiences in the banking environment, zeb/ is familiar with the challenges involved in implementing extensive regulatory reforms (Basel II). This expertise is transferred to the insurance industry taking account of the sector’s specific nature. zeb/ has developed a complete catalogue of requirements that can be used to identify the necessary actions for your institution in a structured and efficient way, to point out possible solutions and to provide implementation support.
Our services:
- Check-up to ascertain the implementation status and the need for actions (functional/technical)
- Internal risk models and management processes under Pillar 1
- Performance of quantitative impact studies
- Implementation of MaRisk VA, in particular risk governance, risk strategy, risk-bearing capacity concept, limit system and ICS
- Risk reporting, top management reporting and regulatory reporting requirements (CEIOPS)