2008 General MeetingAssemblée générale 2008

Toronto, Ontario

2008 General MeetingAssemblée générale 2008

Toronto, Ontario

Canadian Institute

of Actuaries

Canadian Institute

of Actuaries

L’Institut canadien desactuaires

L’Institut canadien desactuaires

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International ERM TopicsInternational ERM Topics

• JRMS• INARM• Webinar• IAA• Solvency 2

David Ingram, Willis Re

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Joint Risk Management Section

International Committee

• Newsletter

• INARM

• Webinar

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International Network of Actuarial Risk Managers

• Listserv – 400 members

• Blog –

• LinkedIn Group – 390 members

• Summer Book Discussion – 2000 hits

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Global ERM Best Practices

Webinar

Program runs for 18 hours continuously!

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International Actuarial Association

• Enterprise & Financial Risks Committee– ERM Note– CARE Project– ARRMP – Global Actuarial

statement about financial

crisis

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International Actuarial Association

• ERM Credential– Statement of Intent– Draft Syllabus– Draft Treaty

• Pensions & Employee Benefits Committee– Regulatory trend towards ERM for Pensions– ERM Note version for Pensions???

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2008Solvency II

• EU Approval

• Pillar 1 - Capital– QIS 4, QIS 5

• Pillar 2 – Systems of Governance

• Pillar 3 – Reporting Requirements

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Source: CAS Solvency II Webinar

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Pillar 1

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Pillar 2

Requirements– ERM Program– Own Risk and Solvency Assessment

Optional– Internal Capital Model

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ERM Program

• Risk Management Policy• Risk Management Statement• Risk Responsiveness and Feedback loop

• IAIS Paper• IAA Note

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Own Risk and Solvency Assessment

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Internal Capital Model

• Can be used to produce ORSA

• If approved, can be used to replace Pillar 1 result

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Pillar 2 Conclusion

• Supervisory review of ERM & ORSA• Optional – Supervisory review & approval

of internal model

Revised Capital Requirement

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Pillar 3 - Reporting

• Early Stages of Development• FSA:

“likely to require two different types of report: the public, annual Solvency and Financial Condition (SFC) report; as well as further information that is considered inappropriate to disclose publicly but is needed for the purposes of supervision.”

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2008QuestionsQuestions

JRMSINARMWebinarIAASolvency 2