ReportingandDisclosure-TimOHanrahan-CentralBankofIreland.ppt

* 11/5/2010 * 11/5/2010 Solvency II Reporting and Disclosure Tim O’Hanrahan Overview What reports will be required? What is in those reports? Are the reports Public or Private? Process Frequency Submission Dates Format Sign-off/Audited Groups Proportionality Open Questions * Important Note The presentation is based on a combination of the Directive, Draft Level 2 Implementing Measures and current early drafts of Level 3 Guidance. The resulting requirements will evolve and develop over time and all undertakings should keep up to date with developments. * Art. 35 Supervisory reporting Regular Supervisory Report (RSR) -All information necessary for the purposes of supervision -Narrative Report -Quantitative reporting templates Solvency and Financial Condition Report (SFCR) - Publicly disclosed data -Narrative Report -Quantitative reporting templates What reports will be required? * What is in those reports?i) SFCR and ii) RSR ?  * Contents of SFCR and RSR A) Business, External Environment and Performance B) Governance and Remuneration Policy C) Risk Profile Business and external environment Underwriting Performance Investment Performance Performance from other activities Governance Arrangements Fit and Proper Risk Management ORSA Internal Control Internal Audit Actuarial Outsourcing Any other disclosures Following risks Underwriting Risk Market Credit Liquidity Operational Other material Risk Exposures Any other disclosures * Contents of SFCR and RSR D) Valuation for Solvency Purposes E) Capital Management Assets Technical Provisions Other Liabilities Other Disclosures Own Funds - structure, amount quality MCR and SCR SCR differences if standard formula or internal model used Non-compliance with SCR/MCR Other Disclosures * What do you disclose for Underwriting Performance? SFCR (Public) RSR (Private) The undertaking’s underwriting performance by material line of business and geographical area; The undertaking’s underwriting expenses by mat