2015 Deloitte Insurance Industry C-ROSS Seminar holds successfully in Beijing/Shanghai
The 2015 Deloitte C-ROSS Seminar was held successfully on 13th April in Beijing. The seminar, which focused on the China Risk Oriented Solvency System - China's second generation solvency supervision system, attracted overwhelming support from insurance companies with approximately 160 insurance executives from across actuarial, risk management, compliance and IT, attending and a further 80 joining from Shanghai via video conference.
Deloitte China's Insurance Industry co-leader, Mr. Barry Man, opened the seminar and welcomed guests with an introductory speech, whilst Mr. George Han, Director, Enterprise Risk Services, Deloitte China, hosted the event. "By comparison with the current solvency supervision system, C-ROSS is more sensitive to risks and covers risk management as well as information disclosures", Mr. Barry Man said.
(Mr. Man, Barry Kai Sze, Deloitte National Insurance Industry Leading Partner)
We were privileged to be joined by Mr. Jin Guo, Director of Regulation Division 1 of Accounting Department at the China Insurance Regulatory Commission (CIRC), who delivered a presentation on C-ROSS risk management from the regulatory perspective. Mr. Guo explained the details surrounding risk classification, qualitative supervisory requirements and potential impacts of C-ROSS to the insurance industry in China as well as some considerations in the policy-making process.
During the seminar, seminar attendees heard from insurance experts from Deloitte China, who shared their views on the C-ROSS and how insurance companies should respond to the new regulatory challenges.
Mr. Eric Lu, Partner, Deloitte Actuarial and Insurance Services, explained C-ROSS Pillar I and its impacts on the operations and management of insurance companies. He illustrated how capital charges for different lines of business of non-life insurances impacts business strategy setting, and how difference tiers of capital requirements will impact capital supplementary instruments issued by insurers.
(Mr. Lu, Eric, Deloitte Actuarial and Insurance Solutions Partner)
Mr. Haoyu Liu, Manager in Deloitte's Enterprise Risk Services practice shared industry best practice on how to enhance risk management to add measurable values to insurance companies, especially the challenges over setting risk appetites under the C-ROSS requirements.
(Mr. Liu, Hao Yu, Deloitte Enterprise Risk Service Manager)
Mr. Jamie Yang, Associate Director, Deloitte Enterprise Risk Services, discussed how insurance companies can improve managerial effectiveness through IT solutions. Mr. Yang shared insights on how to empower risk management practices through effective use of IT systems in risk monitoring, reporting, contingency planning and handling.
(Mr. Yang, Jamie, Deloitte Enterprise Risk Service Associate Director)