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SVS Seminar on Risk-Based Capital Regulation and Corporate Governance in the Insurance Sector Todd Sells presents on U.

SVS Seminar on Risk-Based Capital Regulation and Corporate Governance in the Insurance Sector Todd Sells presents on U.S. Experiences. Electronic Regulatory Financial Reporting . US insurers purchase software to file electronic annual and quarterly statutory financial statements to the NAIC

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SVS Seminar on Risk-Based Capital Regulation and Corporate Governance in the Insurance Sector Todd Sells presents on U.

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  1. SVS Seminar on Risk-Based Capital Regulation and Corporate Governance in the Insurance Sector Todd Sells presents on U.S. Experiences

  2. Electronic Regulatory Financial Reporting • US insurers purchase software to file electronic annual and quarterly statutory financial statements to the NAIC • Same insurer information is used for annual statutory financial statement and RBC filing • NAIC FDR database keeps 10 years of data • Automated prioritization, analysis and examination tools utilize FDR data • Regulators use results in solvency oversight

  3. Electronic Reporting – Industry Pros and Cons • Cons • Additional cost for software, fees to support database • Regulator has more useful information about you • Pros • Consistency in format and data provided means fewer ad hoc requests by regulators at unscheduled times • Regulator has more useful information about you AND your competitors • Management benefits from standardized data • Automated tools allow regulators to be more efficient in their analysis/examination efforts

  4. Corporate Governance and Risk Management • Financial analysis requires understanding of insurer and its operations (key functional activities) • Statement of Actuarial Opinion, Management Discussion & Analysis, Holding Company Filings, Audited Financial Report • Financial examination as well, plus: • Identify and assess inherent risks and risk mitigation strategies/controls, determine residual risk and conduct exam per findings • New U.S. ORSA requirement coming

  5. Corp Gov & Risk Mgmt – Industry Pros and Cons • Cons • Additional expense for corporate government and risk management activities • Regulator has more useful information about you • Pros • Efficiency in management, operations, capital allocation, and participation in capital markets • Regulator has more useful information about you AND your competitors • Industry improvements based upon more participation and innovation in practices

  6. QUESTIONS

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