Casualty Actuarial Society

Professional Education

Technical Provisions, Internal Models, and Other Actuarial Bits
Advanced Solvency II for Dummies

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A Joint Casualty Actuarial Society and Institute and Faculty of Actuaries Web-Conference

December 15, 2011
11:00 - 13:00 EST
16:00 - 18:00 GMT

Visit the online store to register for both web-conferences and receive the discounted registration fee.

  

Description

This session expands on the material covered in the CAS webinar "Solvency II for Dummies," with a focus on the changes in the way that actuaries calculate the unpaid loss reserve and other technical provisions. The session will discuss the following topics:

  1. Advanced Technical Provisions
    1. Definition
    2. Comparison of GAAP and Solvency II Balance Sheets
    3. Cash flows, discounting
    4. Data
    5. Claims Provisions
    6. Premium Provisions, including contract boundaries
    7. Best Estimates
    8. Expenses
    9. Binary Events
    10. Uncertainty
    11. Risk Margin
    12. Reinsurance challenges
    13. Reporting
    14. Communication - Actuarial function
  2. Internal Models
    1. Recap of Standard Formula, SCR and MCR
    2. Comparison with RBC (US) and ICAs (UK)
    3. Tests with emphasis on Use Test
    4. Approval Process
  3. Other interesting actuarial bits
    1. ORSA
    2. Risk Management function
    3. How it all joins up

Intended Audience

This webinar is open to CAS Members and Non-Members. The intended audiences are CAS Members and Non-Members who want to quickly get up to speed or refresh their understanding with respect to Solvency II, prior to the upcoming implementation date.

Moderator

Ralph Blanchard is VP & Actuary in the Accounting Policy/Corporate Finance department at The Travelers Companies, Inc. and will be the Chair of the CAS Board at the time of this webinar. Ralph has attended NAIC and IAA meetings for the last 10+ years, following and participating in the various accounting and solvency debates. He is also a past chair of the American Academy of Actuaries' Financial Reporting Committee and P&C RBC Committee and a current member of the Academy's Solvency Committee. Ralph has also been following the Solvency II developments closely in both his role at Travelers and his various roles at the CAS and Academy, including attending the last 3 U.K. GIRO meetings where Solvency II has been a major topic of discussion.

Presenters

Kathryn Morgan is a Manager at the FSA, which she joined in 2007, where she leads the FSA work on Pillars 2 and 3 of Solvency II. Previously she was Chief Actuary and Chief Risk Officer for the GI business of Cooperative Financial Services where she designed the risk management framework for the group. Her professional work has covered contributing to papers on marine insurance, commercial insurance, equalization reserves, measuring competitiveness and ERM. She represents the UK actuarial profession in the Groupe Consultatif, and is involved in the UK work on Solvency II in the actuarial profession. Kathryn is also an appointed member of the CAS Board.

Jerome Kirk is Head of Actuarial Services within Lloyd's Market Reserving & Capital department. He is responsible for the provision of all actuarial work concerning Lloyd's market reserves, syndicate capital and UK / international regulatory assessments. Jerome also leads Lloyd's general actuarial support for Solvency II including the work stream covering changes to Technical Provision methodologies. He has developed Lloyd's guidance on Technical Provisions under Solvency II and is responsible for producing and interpreting the Society's QIS submissions.

  

Registration Information and Fees

All fees collected in US Dollars.

Registration Type

Received on or before
December 1, 2011

Received after
December 1, 2011

Individual Registration$50$75
Multiple Registrations
Multiple registrations must be using the same computer and telephone connection.
$250$300
Solvency II Series: A discounted rate is available for individuals and groups who wish to register for both web-conferences at the same time. The discounted fee will expire on November 28.

Received on or before
November 14, 2011

Received after
November 14, 2011
(Fee expires on November 28).

Individual Registration (The Solvency II Web-Conference Series) $85 $110
Multiple Registrations (The Solvency II Web-Conference Series)*
Multiple registrations must be using the same computer and telephone connection.
$425 $475

*Multiple Registrations will need to provide a list of attendees to the CAS via email, meetings@casact.org, in order for all attendees to receive educational credit.

Cancelations/Refunds:

Registrations fees will be refunded for cancellations received in writing at the CAS Office via fax, 703-276-3108, or email, refund@casact.org, by December 8, 2011 For the Advanced Solvency II Web-Conference and by November 21, 2011 for the Solvency II Series, less a $25 processing fee.

CAS Continuing Education Policy

The CAS Continuing Education Policy applies to all ACAS and FCAS members who provide actuarial services. Actuarial services are defined in the CAS Code of Professional Conduct as "professional services provided to a Principal by an individual acting in the capacity of an actuary. Such services include the rendering of advice, recommendations, findings or opinions based upon actuarial considerations." Members who are or could be subject to the continuing education requirements of a national actuarial organization can meet the requirements of the CAS Continuing Education Policy by satisfying the continuing education requirements established by a national actuarial organization recognized by the Policy. For further information regarding the CAS Continuing Education Policy, is available online.

This activity may qualify for up to 1.8 CE Credits for CAS members. Participants should claim credit commensurate with the extent of their participation in the activity. CAS members earn 1 CE Credit per 50 minutes of educational session time not to include breaks or lunch.

*The amount of CE credit that can be earned for participating in this activity must be assessed by the individual attendee. It also may be different for individuals who are subject to the requirements of organizations other than the Casualty Actuarial Society.

2014 CLRS

On-Demand Continuing Education Credit

 

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