130516 Solvency II for Beginners.pdf

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Solvency II –the Lamfalussy Process• Level 1: The Directive– Joint decision of the Council of Ministers and the EuropeanParliament• Level 2: Delegated Acts (formerly known as “ImplementingMeasures”)– Responsibility of the Commission, based on the advice of EIOPA (butinfluence of Finance Ministries)• Level 2.5: Technical Standards– Adopted by the Commission based on drafts submitted by EIOPA• Level 3: Guidelines and Implementing Acts– Responsibility of EIOPA, not legally binding, “comply or explain”• Level 4: Enforcement– Responsibility of Commission; ensure all member states haveimplemented fully / correctly
The Solvency II Balance SheetAssetsLiabilitiesAncillary own fundsSurplusOwn fundsSolvency Capital Requirement (SCR)Basic own fundsMinimum capital requirement (MCR)Assets coveringTechnicalprovisions,MCR andSCRRisk marginBest estimateTechnical provisionsNon-hedgeablerisksMarket consistentvaluation forhedgeable risks
Page 1 and 2: Solvency II for Beginners16.05.2013
Page 3 and 4: Why has Solvency II been created?
Page 5: Solvency II Structure• Conceptual
Page 9 and 10: The Solvency II Balance Sheet• So
Page 11 and 12: The Solvency II Balance Sheet• So
Page 13 and 14: The Solvency II Balance Sheet• Ow
Page 15 and 16: The Solvency II Balance Sheet• As
Page 17 and 18: Pillar II Aspects• Own Risk and S
Page 19 and 20: Pillar III Aspects• Report on sol
Page 21: Where Are We Now?• Level 1: Solve
Page 24: Solvency II for BeginnersQ&A

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