Deloitte has been actively helping, encouraging and championing Irish insurance undertakings to “Be Involved and Be Prepared” for Solvency II. We outline our Solvency II services below but please do not hesitate to contact us with any questions.
In the Pillar I process we are helping undertakings and representative associations prepare QIS returns and submissions. Our advice and expertise in highlighting areas of concern within the Solvency II model to both individual undertakings and groups of undertakings has enabled better targeted responses and submissions to Regulators. Deloitte’s global reach ensures we are able to incorporate the best aspects of common and individual country views and techniques regarding the developing Solvency II model. Our training assistance has been directed at both executive and technical levels.
Our Solvency II services include the development of a Pillar I assessment tool (see Learn more above) based on the standard QIS4 return and the Irish Regulatory Returns. This enables and helps captives and small to medium sized undertakings to quickly establish those aspects of the Solvency II model that will have greatest impact on their capital base. The tool is a good starter point upon which to commence any planning and preparation for implementation of Solvency II. Following on from our QIS work we are assisting undertakings in their consideration and development of the potential use of Internal or Partial Models within the Solvency II process.
Pillar I is not the only aspect of Solvency II that organisations need to consider. Pillar II of Solvency II sets out the governance, internal risk and capital management standards that undertakings are to follow. Specifically they will be expected to undertake an “Own Risk and Solvency Assessment” (ORSA) report to establish and assess the undertaking's own risk profile, tolerance limits and business strategy over both the long and short term. The use of an internal model is not expected if the standard model is being used under Pillar I but the ORSA will still be a quantitative and qualitative exercise. Pillar II contains many elements that may necessitate structural, reporting and organisational changes in the undertaking. As part of our Solvency II services, Deloitte already supports a large number of undertakings in developing and delivering risk analysis and compliance programmes. This experience, coupled with our GAP analysis toolkits, helps our clients rapidly understand the important risk and compliance issues throughout their undertaking and develop the appropriate solutions.
Pillar III will integrate many aspect of Solvency II and IFRS reporting in the delivery of data to regulators, clients and investors. Deloitte's Solvency II services include assisting many undertakings in their transfer to IFRS reporting and in developing data systems to handle integrated reporting structures.