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WEBINAR: Ride towards Solvency II reforms in the UK

Anticipating key changes with expert guidance

28 May, 2024.
12:00 PM – 12:40 PM (UTC+02:00)

Webinar (link will be shared with registered delegates).

Who this event is for:
Executives and actuaries of UK & non-UK (re)insurers doing business with (or in) UK who work on balance sheet management, pricing, reporting, capital optimisation, risk, finance, and compliance teams.

About this event:

This is an online event on reforms in the United Kingdom (UK) implementing the new Solvency UK insurance regulatory framework. It is tailored for reporting teams of (re) insurers – residents of UK, non-UK (re)insurers doing business with (or in) UK and those who have not yet been involved but will report according to new framework and need to understand how it affects the business models, decision making, reporting practices – including meeting quarterly and annual reporting requirements using Quantitative Reporting Templates (QRTs).

Solvency UK regime is approaching. Firms start to see the final shape of the rules

No longer part of the European Union (EU), the UK continues to adhere to Solvency II while simultaneously tailoring insurance regulations to the needs of the British insurance market through implemented changes. Among proposed changes are:

  • simplifications and process improvements to the calculation of the transitional measures on technical provisions (TMTP);
  • new set of rules for internal models (IM) where these are used by insurers to calculate their capital requirements;
  • removal of certain requirements for branches of international insurers operating in the UK.

Regulatory change is forcing an adaptation of insurance reporting practices

UK insurers continue to use Taxonomy 2.6 Taxonomy as published by the European Insurance and Occupational Pensions Authority (EIOPA) in the past. The gap is widening as EU insurers adopted Taxonomy 2.8 in 2023, and expected to widen further as the UK implements the changes from the Solvency UK review.

During the webinar, speakers from BR-AG will provide a closer look at:

  • Overall differences in the model structure
  • How current reporting can be mapped to the new templates structure
  • The most significant changes in National Specific Templates and their new placement
  • Similarities between current model and EIOPA Solvency II.

Meet the Expert

Join our webinar featuring expert, Mateusz Stefanski, Senior Business Analyst, Insurance Practice Lead at BR-AG, who will delve into the forthcoming Solvency II UK reforms, helping you to prepare for the necessary process changes required for compliance.

Supporting EU regulators, his particular focus lies in Solvency II compliance matters. Skilled in training key users in EIOPA and NCAs (National Competent Authorities) and participating in workshops and seminars to ensure harmonization among European and International Supervisory Authorities. Mateusz is also deeply investigating the implications of Solvency II UK Reforms supporting the international competitive insurance sector as well.

Learning objectives:

  • Why the improvements to Solvency II are worth having
  • How UK reporting will be different to EIOPA 2.6.0
  • What are the latest additional requirements not covered within the taxonomy but outlined in EIOPA’s supplementary materials?

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