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More Current Issues

More Current Issues. Derek Newton CIGI Seminar 17 May 2005. A word from our sponsors Some other recent current issues What could/should we do in the future?. More Current Issues : Agenda. Monitor current developments in general insurance

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More Current Issues

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  1. More Current Issues Derek Newton CIGI Seminar 17 May 2005

  2. A word from our sponsors Some other recent current issues What could/should we do in the future? More Current Issues : Agenda

  3. Monitor current developments in general insurance Monitor external issues (including the work of other committees) that might impact upon general insurance business/actuaries Report to/advise GI Board Formulate appropriate representations to external bodies Monitor the activities of other Practice Boards Support the GIRO and ECPD Committees Produce regular newsletter for members re current issues Liaise with other GI Committees (especially GI ARIC) More Current Issues : what is the Committee supposed to do?

  4. Derek Newton (Chairman) Peter Stirling (Secretary) Kate Angell David Costello Wendy Hawes Sheree Howard Tony Jordan Armoghan Mohammed Ruth Stephens Gerry Sweeney and Laurence Townley More Current Issues : who is on the Committee? • 4 consultants • 2 reinsurers • 2 Irishmen • 3 company actuaries • 1 regulator • 1 Institute/Faculty person

  5. Government and regulatory issues Solvency II International news Asbestos angle Compensation corner Other claims/legal issues Periodical payments and the Courts Act 2003 Other news More Current Issues : recent index

  6. More Current Issues : at the Chairman’s request • Internet revolution • APH – what next? • Can we stop the “cycle"? • Solvent schemes • “Treating Customers Fairly” – what does this mean for actuaries?

  7. More Current Issues : Government and regulatory issues • OFT and DWP liability reviews • Insolvency Directive • EU Physical Agents (Vibration) Directive • Single European reinsurance market • Gender discrimination

  8. More Current Issues : Solvency II • Dr Müller’s Casebook • Solvency II • Protect policyholders • Comparable and transparent • Match risks • Simple • Up to date • Consistent with IASB • Avoid extra capital costs

  9. More Current Issues : Solvency II • Pillar I • Target capital • Safeguard capital • Pillar II • Risk mgnt • (rules) • Reg’y review • (Co. specific) • Pillar III • Encourage market • discipline • Accounting • disclosure • (fair value) • Policy-holder • disclosure • Phase 1 • KPMG Report • Sharma Report • EU Report 2003 • Overall solvency • Three-pillar approach useful • Incentive to manage risks

  10. More Current Issues : Solvency II • Phase 2 Groupe Consultatif IAA Accounting GI Solvency II team Life Solvency II team IT Annette Olsen’s group CEIOPS Legal UK actuarial profession IFRS/ IAS Comité Européen des Assurances IAIS Other European actuarial professions ABI

  11. More Current Issues : Solvency II issues Technical Pillar 1 issues • Definition of Technical Provisions • Prudence in outstanding provisions • Discount rate • Equalisation reserves • Target capital • risk measure • time horizon • confidence interval • Operational risk • Correlation

  12. More Current Issues : Solvency II recent papers CEIOPS • First wave (June 2005) • MCR, SCR: SCR = MCR + buffer? • Not prescriptive about internal models • Second wave (October 2005) • Third wave (February 2006) IAIS • “Cornerstones” paper (February 2005) • 8 cornerstones • Prudent, risk sensitive, explicit, range of control levels, use of standard & more personalised approaches

  13. More Current Issues : Solvency II recent papers Groupe Consultatif • Glossary EC • Started drafting directive • Possible amendment to framework to consultation • Thinking behind Solvency II, including: • SCR 0.5% probability of ruin • Provisions at “best estimate” plus risk margin with 75% confidence • Outline of framework directive • Lamfalussy • 2010?

  14. More Current Issues : “Compensation Corner” • Man attacked by Dyson • Woolf attacked by Dyson • Conker trees and lime trees • Candles • Tobacco

  15. More Current Issues : claims/legal rulings (and other news) • Exxon Valdez • removal of debris/LMX spiral • WTC, Enron, WorldCom and laddering • Hurricanes, earthquakes and tsunami • NHS recoveries • The next latent claim • Glaucoma from PC use • Deafness from iPods

  16. Main product currently the Current Issues Newsletter Does it meet anyone’s needs? How should it be enhanced? What else should we be covering? what has the greatest impact on the market, on consumers, or on us as general insurance actuaries? on what do we have something to contribute ? How best to identify issues as (or even before) they appear over the horizon? How best to review/deal with these issues? More Current Issues : what could/should we do in the future?

  17. More Current Issues Derek Newton CIGI Seminar 17 May 2005

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