Regulatory Compliance - Solvency II & IFRS17

Solvency II

We can provide you with assistance across all areas of Solvency II such as:

• Internal Model - methodology and development

• Calibrations - setting methodology, producing calibrations and associated documentation, or developing tools for our clients to carry out their own calibrations in-house

• IMAP - whether an application for a new full or partial Internal Model, or changes which require a new Internal Model Approval Process such as adding in a new part of the business or a new risk module

• Capital optimisation - now that SII has been live for a while, many companies are moving their focus to how capital requirements can be optimised within the new structure

• Future regulatory changes - in particular it seems likely that the PRA may move forward with changes to the Risk Margin post-Brexit

• Capital monitoring and forecasting

• Standard Formula SCR

• ORSA

• Board Training

IFRS 17

Preparing for IFRS17 will require significant updates to systems. In addition to the new requirement to calculate the Contractual Services Margin (CSM), the biggest challenge faced by many companies is updating data and systems to allow for contract boundaries under the new regime, with modelling and reporting required at a more granular level than ever before.

The new effective date of 1st January 2023 allows insurers additional time to not only implement the basic requirements for IFRS17, but to look to maximise value from the investment in system changes by potentially carrying out other value-add work at the same time.