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2008 General Meeting Assemblée générale 2008 Toronto, Ontario

Canadian Institute of Actuaries. L’Institut canadien des actuaires. 2008 General Meeting Assemblée générale 2008 Toronto, Ontario. International ERM Topics. JRMS INARM Webinar IAA Solvency 2. David Ingram, Willis Re. Joint Risk Management Section. International Committee

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2008 General Meeting Assemblée générale 2008 Toronto, Ontario

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  1. Canadian Institute of Actuaries L’Institut canadien des actuaires 2008 General Meeting Assemblée générale 2008 Toronto, Ontario

  2. International ERM Topics • JRMS • INARM • Webinar • IAA • Solvency 2 David Ingram, Willis Re

  3. Joint Risk Management Section International Committee • Newsletter • INARM • Webinar

  4. International Network of Actuarial Risk Managers • Listserv – 400 members • Blog – • LinkedIn Group – 390 members • Summer Book Discussion – 2000 hits

  5. Global ERM Best Practices Webinar Program runs for 18 hours continuously!

  6. International Actuarial Association • Enterprise & Financial Risks Committee • ERM Note • CARE Project • ARRMP • Global Actuarial statement about financial crisis

  7. International Actuarial Association • ERM Credential • Statement of Intent • Draft Syllabus • Draft Treaty • Pensions & Employee Benefits Committee • Regulatory trend towards ERM for Pensions • ERM Note version for Pensions???

  8. Solvency II • EU Approval • Pillar 1 - Capital • QIS 4, QIS 5 • Pillar 2 – Systems of Governance • Pillar 3 – Reporting Requirements

  9. Source: CAS Solvency II Webinar

  10. Pillar 1

  11. Pillar 2 Requirements • ERM Program • Own Risk and Solvency Assessment Optional • Internal Capital Model

  12. ERM Program E R M • Risk Management Policy • Risk Management Statement • Risk Responsiveness and Feedback loop • IAIS Paper • IAA Note

  13. Own Risk and Solvency Assessment

  14. Internal Capital Model • Can be used to produce ORSA • If approved, can be used to replace Pillar 1 result

  15. Pillar 2 Conclusion • Supervisory review of ERM & ORSA • Optional – Supervisory review & approval of internal model • Revised Capital Requirement

  16. Pillar 3 - Reporting • Early Stages of Development • FSA: “likely to require two different types of report: the public, annual Solvency and Financial Condition (SFC) report; as well as further information that is considered inappropriate to disclose publicly but is needed for the purposes of supervision.”

  17. Questions JRMS INARM Webinar IAA Solvency 2

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