The current review initiated by a request from the European Commission can lead to significant changes of the Solvency II framework. Because of the Covid-19 pandemic the due date for EIOPA’s opinion on the Solvency II – review 2020 has been switched to end of December 2020. The two Consultation Papers on EIOPA’s opinion and the scenarios tested in the holistic impact assessment deliver nevertheless first insights into EIOPA’s tentative proposals. We will present some topics affected significantly thereby.
The impact of Covid-19 across the world has been enormous and it will have significant long term social and financial implications for economies, governments, corporate entities and individuals. It has affected many areas of exposure for (re)insurance companies and pension schemes through features such as lower and more volatile asset prices, impacts on mortality and morbidity rates, operational risk, etc. This session will look at the key impacts, ways in which actuaries can provide inputs and considerations for regulatory authorities. It will also look at actuarial insights to wider areas in which Covid-19 has impacted.
IFRS 17 is expected to be endorsed in the EU by 1 January 2023. An effective implementation of the new reporting standard requires stronger coordination and cooperation between actuaries and accountants than before.
An overview will be provided on the EU’s sustainability plans and its green deal and what is required from the insurance sector. Also included will be what can be expected in the next years in this field.
PROGRAMME (Huom! Ajat CET)
11:00 – 11:05 Moderator’s welcome and introduction
Tony O’Riordan, Chairperson of the AAE Insurance Committee
11:05 – 11:30 Solvency II 2020 review
Speaker: Siegbert Baldauf, Solvency II Project Leader
Siegbert will present the current status of the review process and some of EIOPA’stentative proposals to change Solvency II.The Consultation papers on the Solvency II review and the holistic impact assessmentconducted in 2020 serve as a basis for these proposals.
11:30 – 11:55 COVID-19
Speaker: Tony O’Riordan, Chairperson of the AAE Insurance Committee
Tony will talk about the key impacts, ways in which actuaries can provide inputs andconsiderations for regulatory authorities. He will also look at actuarial insights to widerareas in which Covid-19 has impacted.
11:55 – 12:20 AAE insights to IFRS17
Speaker: Kristoffer Bork, Chairperson of the AAE IFRS17 Working Group
Kristoffer will talk about the roles of actuaries in the reporting process under IFRS17.Actuaries can contribute to the reporting, and often will be involved. Kristoffer willdiscuss potential formal and statutory roles of actuaries as well as actuaries’coordination and cooperation with accountants and auditors.
12:20 – 12:45 Sustainable finance
Speaker: Lauri Saraste, Vice-Chairperson AAE Insurance Committee
Lauri will provide an overview on what will be required from the insurance sector stayaligned with the EU’s sustainability plans and the “Green Deal”. Moreover, Lauri willoutline the expectations within this field for the upcoming years. Many of theserequirements on sustainability can already be seen as something that requiresactuaries’ involvement, skills and thinking around the developments. This presentationidentifies some of the areas where actuaries could contribute in answering to thesenew requirements.
12:45 – 13:00 Q&ATony, Lauri, Kristoffer and Siegbert will respond to participants’ questions.
To register for this webinar, please follow this link. Registration closes on 30 August 2020.
Limited space available. Please note that the maximum number of participants is 190. Register in time to make sure that your participation is guaranteed.
Please take into account that if you register for this webinar, a test session is scheduled for 2 September 2020 11:30-12:00 CEST to check that the technical requirements are fulfilled. Kindly make sure that you attend the test session from the same device with which you will attend the webinar. Your attendance to this test session is mandatory. Please note that the session will run with Citrix. Kindly check with your IT department for any restrictions (firewall settings, etc.).
The language of the webinar will be English.
Participation is free of charge and open only to actuaries who are members of one of the AAE Member Associations.
You might be allowed to count participation in the webinar as CPD, depending on your association’s CPD requirements/rules. Proof of participation can be provided on request.
The webinar is organised by the AAE in cooperation with the European Actuarial Academy (EAA). The EAA will take care of the technical part of the webinar and will send you a link to access the test session and the webinar. The link to the test session will be sent to you well in time. The link to the webinar will be sent to you shortly after the test session has taken place.
A recording is made of the webinar. When registering for the webinar you accept that your name can be mentioned. The recording will only be available to registered members on the AAE website.
This webinar is protected by copyright. Hence the link sent by the EAA for the test session and the webinar may not be forwarded to third parties.
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