Answers to the European Commission on the ... - Eiopa - Europa

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Results from <strong>the</strong> near misses questionnaire - 2005 Number of instances Risk group Detailed risk A) Request for a recovery plan Non-life Life Combi <strong>to</strong> be set up 7 4 B) Demand an increase in capital C) Prohibition of underwriting of new business D) Limitation of premium income E) Prohibition of certain investments F) Prohibition of free disposal of assets G) Cus<strong>to</strong>dy of assets by <strong>the</strong> authority H) Reducing benefits of existing contracts I) Suspension of claims payments 13 10 1 J) Manda<strong>to</strong>ry portfolio transfer 1 K) Measures relating <strong>to</strong> reinsurance ceded L) Removal of members of <strong>the</strong> Board of Direc<strong>to</strong>rs M) Removal of o<strong>the</strong>r managers N) Appointment of a special commissioner O) Actuarial investigation Audi<strong>to</strong>r report / investigation P) General meeting of shareholders called Q) Temporary suspension of authorisation R) Withdrawal of authorisation 6 10 5 1 S) File for bankruptcy or winding-up T) Initiate or recommend starting criminal proceedings, (including money-laundering) U) Request <strong>to</strong> increase technical provisions 8 1 2 V) O<strong>the</strong>r 18 14 Table 5: Risk group: near misses, table one 264
Number of instances Risk group Detailed risk Non-life Life Combi A) Request for a recovery plan <strong>to</strong> be set up 3 2 B) Demand an increase in capital C) Prohibition of underwriting of new business D) Limitation of premium income E) Prohibition of certain investments 2 4 F) Prohibition of free disposal of assets G) Cus<strong>to</strong>dy of assets by <strong>the</strong> authority H) Reducing benefits of existing contracts I) Suspension of claims payments J) Manda<strong>to</strong>ry portfolio transfer 1 K) Measures relating <strong>to</strong> reinsurance ceded 4 L) Removal of members of <strong>the</strong> Board of Direc<strong>to</strong>rs 1 1 M) Removal of o<strong>the</strong>r managers N) Appointment of a special commissioner O) Actuarial investigation Audi<strong>to</strong>r report / investigation 2 P) General meeting of shareholders called 2 1 Q) Temporary suspension of authorisation 1 R) Withdrawal of authorisation S)File for bankruptcy or winding-up T) Initiate or recommend starting criminal proceedings, (including money-laundering) U) Request <strong>to</strong> increase technical provisions 1 V) O<strong>the</strong>r 4 3 3 Table 6: Risk group; near misses, table 2 265
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CEIOPS-DOC-07/05 Answers</s
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Style convention The following has
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• Safety measures (CfA 9); • So
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sole purpose is to
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Call for Advice No. 7 Technical pro
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one year). Therefore, capital requi
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perhaps through an explicit additio
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Discounting 7.22 The present value
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exposed to risk fr
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insurance liabilities set by refere
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Profit sharing In practice, for uni
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future cash flows will have <strong
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Explanatory text S
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always have resources to</s
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developed. They would help
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8.28 A fourth option could be envis
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In principle, "the
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8.48 Three alternatives can be cons
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essential part of the</stro
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statistical estimate (with a level
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8.77 It may be argued that
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to use more sophis
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consequence on the
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8.105 In some cases, the</s
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This shall be reviewed, at least an
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ut the exposure <s
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Explanatory text M
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9.15 Solvency II could also employ
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9.28 The life formula yields itself
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underestimate them
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'Prudent person plus' approach 9.52
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Uniform or different rules for tech
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through a prescribed list. Lists ar
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addition a range of stresses so tha
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(including the Rei
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for review of the
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eligibility criteria, or principles
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should not lead to
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• the degree of
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9.156 The senior management shall r
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- going-concern aspects of business
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features. 81 TailVaR is an example
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10.17 The SCR should also reflect <
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10.26 The risk of asset liability m
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Naturally, the pra
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too few categories
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- Choice of volume measures 10.57 W
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Underwriting risk in non-life insur
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volatility of thei
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those insurers this possible increa
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10.103 A factor-ba
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10.112 Assessing whethe</st
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10.121 The SCR should deliver a lev
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whenever its effects on the
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scenario techniques to</str
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Operational risk just ratings infor
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Call for Advice No. 11 Solvency cap
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Costs and Benefits 11.6 It should b
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• Qualitative requirements for <s
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11.19 Risk management criteria set
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individual undertaking is exposed a
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• sensitivity analyses that have
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• visualizations of flows of prod
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Partial models and the</str
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11.58 There should be few descripti
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of the SCR estimat
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equirements to imp
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Call for Advice No. 12 Reinsurance
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Reflection in technical provisions
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• provide an estimate of an under
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particular reinsurer(s)’ aggregat
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they auto<
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einsurer to <stron
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should be a reduction in risk regar
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Call for Advice No. 13 Quantitative
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• the process of
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• handling questions from insuran
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member countries and in the
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components of the
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Background 14.1 Current insurance D
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14.12 In order to
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groups in its answer to</st
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affected; • Impose restrictions o
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14.43 Regarding the</strong
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off all contracts; • to</
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Call for Advice No. 15 Solvency con
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Minimum capital requirement (MCR) D
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adjusted SCR. From a purely technic
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to be implemented.
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capital
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absolute floor (expressed in euros
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Bolkestein agreed to</stron
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16.14 Generally speaking, complianc
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appoint an additional person <stron
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16.28 It should also be noted that
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Time of application 16.41 The asses
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of the individual
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Background 17.1 This document aims
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Review Panel would be a permanent g
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• the developmen
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asis for considering improvements <
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(I) Regulatory arb
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(II) Capital requirements at group
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into a SCR at grou
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18.31 Additionally, it must be deci
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Capital requirements 18.39 The Fram
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Page 239 and 240: TVaR1-α for Tail Value-at-risk. In
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Page 245 and 246: Segmentation B.44 In general terms,
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Page 253 and 254: Market risk Equity risk this altern
Page 255 and 256: B.95 In a scenario-based approach,
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Page 267 and 268: Conclusion In general, the<
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