Faculty of Actuaries Students’ Society. Current Topics 2009 – 2010 Life Insurance Ross Fleming. Agenda. Changing Times Industry Update – Sales Industry Update – RDR Mortality Projection Model (CMI_2009) Corporate Activity Solvency II IFRS 4 – Phase II. Changing Times.
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Current Topics 2009 – 2010
Latest RDR Papers (Mar 10)
MCEV (Jan 11)?
Model (Nov 09)
Solvency II regime begins (Oct 12/Jan 13)?
CP on SII Tax (June 10)
TAS D (July 10)
Personal Accounts (Jan 12)
Walker Review (July 09)
IFRS 4 – Phase II regime begins (2013)?
TAS R (Apr 10)
TAS M (Jan 11)
Throughout the review, FSA focused on achieving specific outcomes:
In March this year, the FSA released:
PS10/6, CP10/8 & DP10/2 (March)
Key outcomes - snapshot of the perceived impact of RDR on organisations:
Source: Recent survey by Winchester White Management Consultants
Source: FSA Returns
DesignSolvency II timeline
Organisations report to the FSA on their Solvency II governance arrangements and the senior individual responsible for Solvency II implementation
CEIOPS publish draft advice on the internal model approval process
Organisations to indicate whether they intend to apply for internal model approval or use the standard formula
CEIOPS publish technical advice on associated implementation measures (level 2)
Organisations in first wave to initiate dry-run of their internal model & QIS 5 to calibrate the calculation of technical provisions
Organisations in second batch to initiate a dry-run of their internal model
Publication of Solvency II Level 2 technical policy finalised by the EU
Organisations submit first batch of dry-run results to FSA
FSA gives formal view on submissions & organisations in second batch submit results of dry-run to FSA
Oct 2012/Jan 2013
Organisations to be compliant with Solvency II
Latest methodology emerging from FASB/IASB discussions (4 building blocks):