Solvency II

AM Best Affirms Credit Ratings of CattRe S.A.

Retrieved on: 
Wednesday, February 1, 2023
Insurance, Professional Services, Credit, AM, Kapisanan ng mga Brodkaster ng Pilipinas, Generali, News, Cattolica, AM Best, EUR, Solvency II, Bernd, Commissariat, Solvency, ALL, Growth, Risk management, MGA

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of CattRe S.A. (CattRe) (Luxembourg).

Key Points: 
  • AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of CattRe S.A. (CattRe) (Luxembourg).
  • The outlook of these Credit Ratings (ratings) is stable.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings .
  • For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments .

ESAs publish joint advice to the EU Commission on the review of the securitisation prudential framework

Retrieved on: 
Friday, December 16, 2022
ESMA, Solvency II, European Commission, EIOPA, ESAS, Environment, Capital Requirements Regulation 2013, Review, Disclosure, CRR, COVID-19, EBA, European, LCR, Joint committee, Risk management, Bank, Solvency, EU

12 December 2022

Key Points: 
  • 12 December 2022
    The three European Supervisory Authorities (EBA, EIOPA and ESMA ESAs) today published a joint advice in response to the European Commissions October 2021 call for advice on the review of the securitisation prudential framework.
  • The ESAs welcome the current review as an opportunity to assess the performance of the current framework and support the objective of reviving the EU securitisation market.
  • However, the ESAs believe that re-calibrating the securitisation prudential framework would not be a solution that in itself would ensure the revival of the securitisation market.
  • Based on the input received and the analysis performed, the ESAs advice concludes that the Solvency II framework does not seem to influence insurance activity in EU securitisation.

Milliman launches ALM software to help insurers of all sizes meet stochastic valuation requirements

Retrieved on: 
Wednesday, November 23, 2022
ALM, Solvency II, Milliman, City, Risk management

WARSAW, Poland, Nov. 23, 2022 /PRNewswire/ -- Milliman, Inc., a premier global consulting and actuarial firm, today announced the release of Milliman Agile ALM. This innovative software package makes asset/liability management (ALM) and stochastic valuation accessible to more insurers, helping them comply with Solvency II, IFRS 17, and other requirements.

Key Points: 
  • Milliman Agile ALM offers efficient, cost-effective asset/liability management modeling
    WARSAW, Poland, Nov. 23, 2022 /PRNewswire/ -- Milliman, Inc., a premier global consulting and actuarial firm, today announced the release of Milliman Agile ALM.
  • This innovative software package makes asset/liability management (ALM) and stochastic valuation accessible to more insurers, helping them comply with Solvency II, IFRS 17, and other requirements.
  • "Milliman Agile ALM offers an accessible solution that helps insurers satisfy reporting requirements and make business decisions with greater confidence."
  • Unlike traditional dynamic ALM models, Milliman Agile ALM uses a standalone asset projection model that can be linked to external liability software.

AM Best Assigns Credit Ratings to CattRe S.A.

Retrieved on: 
Tuesday, December 7, 2021
Banking, Professional Services, Insurance, Finance, Solvency II, Solvency, Mga (protein), MGA, Credit, Commissariat, News, EUR, Industry, ALL, Cattolica, AM, Insurance, AM Best, Risk management, Generali, Data

AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of a- (Excellent) to CattRe S.A. (CattRe) (Luxembourg).

Key Points: 
  • AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of a- (Excellent) to CattRe S.A. (CattRe) (Luxembourg).
  • The outlook assigned to these Credit Ratings (ratings) is stable.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings .
  • For information on the proper use of Bests Credit Ratings, Bests Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Bests Ratings & Assessments .

EIOPA consults on the approach to the supervision of run-off undertakings

Retrieved on: 
Saturday, July 24, 2021
Capital requirement, European Insurance and Occupational Pensions Authority, European Union, Insurance regulation, Solvency II, Government, Business law, Financial law

The European Insurance and Occupational Pensions Authority (EIOPA) issued today a consultation on the supervisory statement regarding the supervision of run-off undertakings.

Key Points: 
  • The European Insurance and Occupational Pensions Authority (EIOPA) issued today a consultation on the supervisory statement regarding the supervision of run-off undertakings.
  • The aim of the supervisory statement is to ensure that a high-quality and convergent supervision is applied to run-off undertakings or portfolios that are subject to Solvency II regulation.
  • Acquisition of run-off portfolios and run-off undertakings by other insurance undertakings is increasing and is attracting interest from specialised investment entities such as private equity.
  • The supervision of run-off undertakings is particularly challenging because of the specific risk profile of such undertakings e.g.

EIOPA consults on the amendments of supervisory reporting and disclosure requirements

Retrieved on: 
Saturday, July 24, 2021
Capital requirement, European Insurance and Occupational Pensions Authority, European Union, Insurance regulation, Money, Solvency II, Business law, Own risk and solvency assessment

The European Insurance and Occupational Pensions Authority (EIOPA) published today a consultation on the amendments of supervisory reporting and disclosure requirements under Solvency II.

Key Points: 
  • The European Insurance and Occupational Pensions Authority (EIOPA) published today a consultation on the amendments of supervisory reporting and disclosure requirements under Solvency II.
  • After a number of years of the implementation of Solvency II and the information received by national supervisory authorities it is important to ensure that the regular supervisory reporting remains fit for purpose.
  • In this consultation paper, EIOPA proposes amendments to the reporting requirements, which are mainly based on the Report on quantitative reporting templates published together with the 2020 Solvency II Opinion.
  • In addition to those changes, the proposals include simplification of quarterly reporting for all undertakings, elimination of some reporting templates for all undertakings and new thresholds to promote better risk-based and proportionate reporting requirements.

Consultation on the revision of the Solvency II Guidelines on Contract Boundaries and Valuation of Technical Provisions

Retrieved on: 
Friday, July 16, 2021
Capital requirement, Insurance, European Insurance and Occupational Pensions Authority, European Union, Insurance regulation, Solvency II, Money, Actuarial science, Reinsurance, Own risk and solvency assessment

The European Insurance and Occupational Pensions Authority (EIOPA) launched two consultations today on the revision of the Solvency II Guidelines on contract boundaries and the valuation of technical provisions, in place since the implementation of Solvency II in 2016.

Key Points: 
  • The European Insurance and Occupational Pensions Authority (EIOPA) launched two consultations today on the revision of the Solvency II Guidelines on contract boundaries and the valuation of technical provisions, in place since the implementation of Solvency II in 2016.
  • As part of the 2020 review of Solvency II, EIOPA identified several divergent practices regarding the implementation and supervision of calculation of technical provisions.
  • The Guidelines on contract boundaries promote a consistent application of an insurance or reinsurance contract boundary.
  • The Guidelines on valuation of technical provisions aim to increase consistency and convergence of professional practice for all types and sizes of undertakings across the EU Member States and to support undertakings in calculating their technical provisions under Solvency II.

Supervisory statement on supervisory practices and expectations in case of breach of the Solvency Capital Requirement

Retrieved on: 
Tuesday, July 13, 2021
Capital requirement, European Insurance and Occupational Pensions Authority, European Union, Insurance regulation, Insurance, Solvency II, Finance, Reinsurance, Money, Own risk and solvency assessment, Pan-European Pension

The European Insurance and Occupational Pensions Authority (EIOPA) published today the statement on supervisory practices and expectations in case of breach of the Solvency Capital Requirement (SCR).

Key Points: 
  • The European Insurance and Occupational Pensions Authority (EIOPA) published today the statement on supervisory practices and expectations in case of breach of the Solvency Capital Requirement (SCR).
  • With this supervisory statement EIOPA aims to foster supervisory convergence in the situations where insurance and reinsurance undertakings breach their capital requirement, in particular addressing the recovery plan required.
  • The supervisory practices in such situations need to be flexible and should consider the specific situation of the insurance or reinsurance undertaking.
  • Solvency II allows supervisory authorities to take early actions, therefore acting promptly to ensure supervisory convergence in this area is needed.

Monthly update of the symmetric adjustment of the equity capital charge for Solvency II – end June 2021

Retrieved on: 
Monday, July 5, 2021
Capital requirement, Money, Solvency II, European Insurance and Occupational Pensions Authority, European Union, Business law, Own risk and solvency assessment, Gabriel Bernardino

The European Insurance and Occupational Pensions Authority (EIOPA) has published the technical information on the symmetric adjustment of the equity capital charge for Solvency II with reference to the end of June 2021.

Key Points: 
  • The European Insurance and Occupational Pensions Authority (EIOPA) has published the technical information on the symmetric adjustment of the equity capital charge for Solvency II with reference to the end of June 2021.
  • The symmetric adjustment is regulated mainly in Article 106 of Directive 2009/138/EC (Solvency II Directive); Article 172 of the of the Delegated Regulation of Solvency II as well as in EIOPA's Final report on ITS on the equity index for the symmetric adjustment of the equity capital charge: Read more

EIOPA publishes monthly technical information for Solvency II Relevant Risk Free Interest Rate Term Structures – end-June 2021

Retrieved on: 
Monday, July 5, 2021
Capital requirement, European Insurance and Occupational Pensions Authority, European Union, Insurance regulation, Solvency II, RFR, Risk, Technical documentation, Articles, Magazines, Business law, Own risk and solvency assessment

Background

Key Points: 
  • Background

    Technical information relating to risk-free interest rate (RFR) term structures is used for the calculation of the technical provisions for (re)insurance obligations.

  • In line with the Solvency II Directive, EIOPA publishes technical information relating to RFR term structures on a monthly basis via a dedicated section on EIOPA's Website also containing the release calendar for 2021, the RFR Technical Documentation, the RFR coding and Frequently Asked Questions.
  • With this publication, EIOPA ensures consistent calculation of technical provisions across Europe.