When: Wednesday, 16th June, 2021
Time: 11.00am - 12.00 noon
Overview: Insurance Ireland - Milliman: Solvency II Review and Supervisior Expectations
The prudential supervisory regime Solvency II was a milestone for the EU single market for insurance. During the first five years of its application, Solvency II has demonstrated its value, but has also been criticised for shortcomings in its design and calibration. Nonetheless, Solvency II still sets the standard for prudential supervision globally.
At the moment, the framework is under review. The review has several objectives including addressing divergent practices and identified shortcomings. Irish Commissioner McGuinness, who holds the pen for the review, expects an evolution, not a revolution. In December 2020, the European Insurance and Occupational Pensions Authority (EIOPA) published its technical advice to the European Commission as its input to the legislative proposal which is expected in summer 2021. While the final outcome of the reviewed Solvency II regime may be different from EIOPA’s advice, EIOPA’s Opinion is more than just an indication for the direction of travel.
In parallel, EIOPA and supervisors are using the momentum of the review and taking their own actions. The CBI has published its regulations on pre-emptive recovery planning. Supervisory expectations are changing and insurers might face new challenges in meeting these expectations in 2021.
In this webinar, Insurance Ireland and Milliman would like to take a deeper look into the EIOPA Opinion on the 2020 review and what to expect from supervisory expectations on the road to the review.
Speakers: Aisling Barrett, Principal, Milliman, Conor Callaghan, Consulting Actuary, Milliman and Florian Wimber, Head of Government Affairs & International Insurance, Insurance Ireland.
This event is open to the members of the Insurance Ireland only. For further details please contact: firstname.lastname@example.org