New Developments in Insurance Supervision Solvency
Author : luanne-stotts | Published Date : 2025-06-23
Description: New Developments in Insurance Supervision Solvency II and Insurance Distribution Directive IDD Steffi Illegems PhD Candidate Antwerp Liability Law and Insurance Chair Antwerp 26 April 2018 Overview Scope and structure Types of
Presentation Embed Code
Download Presentation
Download
Presentation The PPT/PDF document
"New Developments in Insurance Supervision Solvency" is the property of its rightful owner.
Permission is granted to download and print the materials on this website for personal, non-commercial use only,
and to display it on your personal computer provided you do not modify the materials and that you retain all
copyright notices contained in the materials. By downloading content from our website, you accept the terms of
this agreement.
Transcript:New Developments in Insurance Supervision Solvency:
New Developments in Insurance Supervision Solvency II and Insurance Distribution Directive (IDD) Steffi Illegems PhD Candidate Antwerp Liability Law and Insurance Chair Antwerp, 26 April 2018 Overview Scope and structure Types of requirements Proportionality principle In the shadow of banking supervision Similar objectives, yet conflicting results? Review v. implementation Food for thought… 2 I. Scope and structure A. Scope 3 B. Structure 4 Lamfalussy Framework II. Types of requirements 5 Solvency II: Licensing of undertakings 3 pillars: Quantitative: capital requirements, valuation, technical provisions, own funds, investments Qualitative: governance, risk management, key functions, internal control, ORSA, outsourcing, fit & proper Reporting to the supervisory authority, disclosure to the public Risk-based Proportionate to the nature, scale and complexity of the risk profile 6 IDD: Registration and status of intermediaries Insurance Product Information Document (IPID) Conflicts of interest Advice, demands and needs Cross-selling Product oversight and governance (POG) Insurance-Based Investment Products (IBIPs): Conflicts of interest, information, suitability and appropriateness, inducements Proportionate to the nature, scale and compexity of the risks inherent in the distributor’s business III. Proportionality principle 7 Great potential… Risk profile For requirements & supervisory actions Not non-application, but adaptation National specificities But tensions and inconsistencies? Size is (not) a criterion Maximum harmonization Level 1 basis IV. In the shadow of banking supervision 8 Solvency II v. CRD IV/CRR: 3 pillars Risk-based capital requirements Own funds in tiers Independent control functions/key functions (BE) … IDD v. MiFID II: Key information document (IPID) Execution only Suitability & appropriateness POG … V. Similar objectives, yet conflicting results? 9 Conflicting results? Life insurance products with or without guarantees/whether or not unit-linked In a low interest rate environment VI. Review v. implementation 10 Solvency II: Review stage Delegated Regulation 2015/35 – SCR review 2018 Technical advice by EIOPA Actual review by Commission Solvency II Directive – Review 2021 IDD: Implementation stage Directive 2018/411 – Quick Fix Transposition date: July 1st, 2018 Application date: October 1st, 2018 National transpositions + Levels 2 and 3 to be completed VII. Food for thought… 11 Technical aspects: More insurance-tailored approach needed? How to deal with national specificities? Proportionality principle New developments: Brexit FinTech, InsurTech International Capital Standard, IFRS Thank you steffi.illegems@uantwerpen.be
