2008 general meeting assemblée générale 2008 toronto, ontario
DESCRIPTION
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 - PowerPoint PPT PresentationTRANSCRIPT
2008 General MeetingAssemblée générale 2008
Toronto, Ontario
2008 General MeetingAssemblée générale 2008
Toronto, Ontario
Canadian Institute
of Actuaries
Canadian Institute
of Actuaries
L’Institut canadien desactuaires
L’Institut canadien desactuaires
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International ERM TopicsInternational ERM Topics
• JRMS• INARM• Webinar• IAA• Solvency 2
David Ingram, Willis Re
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Joint Risk Management Section
International Committee
• Newsletter
• INARM
• Webinar
2008
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International Network of Actuarial Risk Managers
• Listserv – 400 members
• Blog –
• LinkedIn Group – 390 members
• Summer Book Discussion – 2000 hits
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Global ERM Best Practices
Webinar
Program runs for 18 hours continuously!
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International Actuarial Association
• Enterprise & Financial Risks Committee– ERM Note– CARE Project– ARRMP – Global Actuarial
statement about financial
crisis
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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???
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2008Solvency II
• EU Approval
• Pillar 1 - Capital– QIS 4, QIS 5
• Pillar 2 – Systems of Governance
• Pillar 3 – Reporting Requirements
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Source: CAS Solvency II Webinar
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Pillar 1
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Pillar 2
Requirements– ERM Program– Own Risk and Solvency Assessment
Optional– Internal Capital Model
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ERM Program
• Risk Management Policy• Risk Management Statement• Risk Responsiveness and Feedback loop
• IAIS Paper• IAA Note
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Own Risk and Solvency Assessment
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Internal Capital Model
• Can be used to produce ORSA
• If approved, can be used to replace Pillar 1 result
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Pillar 2 Conclusion
• Supervisory review of ERM & ORSA• Optional – Supervisory review & approval
of internal model
Revised Capital Requirement
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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.”
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2008QuestionsQuestions
JRMSINARMWebinarIAASolvency 2