Behind salaries, pensions are often the biggest cost an employer might face. Many employers are still struggling with their legacy final salary schemes and, at the same time, managing the cost and implementation of the new requirements under Workplace Pension Reform (or “auto-enrolment”).
Captives and other specialist insurers are affected by Solvency II requirements but the legislation has not been designed with a focus on them. This briefing highlights the key challenges ahead.
Across the insurance industry, preparations are underway in order to fulfil the requirements of Solvency II Directive by 2012. There are many challenges ahead. This briefing highlights how Mazars can help you with QIS5.
Solvency II is an opportunity to consider ways of improving efficiency in the use of insurance capital. Expected increases to regulatory capital will need financing. Pricing and reserving will need to become even more focused for companies to remain competitive. Now is a good time for companies to identify those lines of business that are driving capital increases and consider the options where business is not adding measurable value.
Companies should be considering the practical challenges of meeting the demands of Solvency II. How can they gain assurance that their models will not only support the business but also meet the relevant standards? Mazars Independent Model Approval Process (MIMAP) is now being used by some of the largest insurers in the world.
Own Risk and Solvency Assessment (ORSA), a Pillar 2 requirement, is a risk management system that requires undertakings to assess their own short and long-term risks and the amount of own funds necessary to cover them. There are a number of considerations and principles to be taken into account.
Addressing the governance, risk control and assurance and accounting needs of the insurance sector in the UK and beyond.
50% of Lloyd’s syndicates submitted SII implementation plans that were rated as below the standard required. As a result, those syndicates will remain in the spotlight. To avoid the same problem, consider the following.
Mazars Actuaries and Consultants LLP is a team of professionals with a broad range of skills and breadth of experience. We provide solutions tailored specifically to each client's needs.
The solvency requirements of the UK insurance industry are changing. Across the industry, preparations are underway in order to fulfil the requirements of the Solvency II directive by 2012.