the younger members convention life with new regulations colin j weir

The Younger Members Convention

Life With New Regulations Colin J Weir

Contents

Prudential Regulation What it means for Actuaries What it means for Products

Contents?

Prudential Regulation? What it means for Actuaries? What it means for Products?

Contents?

Prudential Regulation? Where have we been? Where are we going? How are we getting there?

What it means for Actuaries? What it means for Products?

Prudential Regulation – where have we been?

3rd Life Directive Prudent Reserves Resilience Test Formulaic Solvency Margin

Financial Services Authority

Single Regulator for Financial Services Industry

Maintaining confidence in the UK financial system. We

Promoting public understanding of the financial system.

Securing the right degree of protection for consumers.

Helping to reduce financial crime.

Prudential Regulation – where are we going?

Level Playing Field Basle Committee on Banking Regulation

Pillar 1: Quantitative Regime Pillar 2: Supervisory Oversight Pillar 3: Disclosure

Prudential Regulation – how are we getting there?

Integrated Prudential Sourcebook

Risk Based Capital

Identify Assess Monitor Control

Market Risk Credit Risk Liquidity Risk Insurance Risk Group Risk Operational Risk

Prudential Regulation – how are we getting there?

Consultations CP97: Integrated Prudential Sourcebook (PSB) CP128: Liquidity Risk CP136: Individual Capital Adequacy Standard (ICAS) and

Supplementary Capital Assessment (SCA) CP140: Systems and Controls (SYSC section of PSB) CP142: Operational Risk CP143: CP97 version 2

Contents?

Prudential Regulation? Where have we been? Where are we going? How are we getting there?


Contents?

Prudential Regulation Where have we been? Where are we going? How are we getting there?


Contents?

Prudential Regulation Prudent Margins Where are we going? How are we getting there?


Contents?

Prudential Regulation Prudent Margins Sophisticated Models of risk How are we getting there?


Contents?

Prudential Regulation Prudent Margins Sophisticated Models of risk Consultation on PSB


Contents?


What it means for Actuaries? Skills and Work Accountability

What it means for Products?

What it means for Actuaries – Skills and Work

Sophisticated models of… … greater variety of risks

Clear documentation of processes… … the board and the FSA

Accountability…?

FSA With Profits Review

“Future Role of actuaries in the governance of Life Insurers”

“Actuarial Function” – Approved Person Regime Board to be responsible for mathematical reserves Board to produce FCR, available to FSA Appointed Actuary to advise on ‘discretion’ with regard to

With Profits business Abolition of Appointed Actuary Role for non profit

business


With Profits

Principles and Practices of Financial Management With Profits Fund Committee Appointed actuary to advise on ‘discretion’ with regard

to WP business Fairness


Fairness

“Fairness has not been exhaustively defined by the courts and continues to be a flexible concept. However, the essence of ‘fairness’ draws on common elements of natural justice, ethics and morality”

“Dependent on the circumstances of the case” “Can change over time, as circumstances, knowledge

and expectations change” “Often easier to judge with hindsight” “Not necessarily a one-sided concept”

Contents?


What it means for Actuaries? Skills and Work Accountability


Contents?


What it means for Actuaries More technical actuarial work Accountability through the board


Product Reviews

FSA With Profits Review Tiner and Baird Sandler Pickering Inland revenue and Pensions Simplification?

Contents

Prudential Regulation What it means for Actuaries What it means for Products

Scrutiny

Simplification (Products)

Sophistication (Solvency)

The Younger Members Convention

Life With New Regulations Colin J Weir

the younger members convention life with new regulations colin j weir

Documents