Schedule of CPD Program : Solvency II - Advanced (20 CPD)

• Internal Models
• Application process for internal models (IMAP)
• Specific requirements for internal models
• Challenges and lessons learned
• Undertaking Specific Parameters
• Reminder on the USP methods
• Application process for USPs
• The revised version of the USP circular
• Challenges and lessons learned

• Comparison of LAC DT implementation in Belgium
• Impact of the amended Solvency II Delegated Regulation (2019/981) and circular NBB_2020_03
• Implementation of the recoverability test: attention points and examples
• Post-shock investment returns
• Timing of projected taxable losses and profits

• Context of the review

• Purpose of the Volatility Adjustment (VA)
• Analysis of the current formula and deficiencies
• Analysis of EIOPA proposals as part of the SII review
• Expected impact

• Extrapolation
• DLT assessments
• Current extrapolation method vs. “alternative” method
• Impact assessment & sector view
• Interest rate risk
• Relative shift approach: impact & sector view
• Long-term equity (LTE)
• Current LTE criteria, interpretation & implementation
• EIOPA proposals and impact assessment
• Risk Margin
• EIOPA proposals on Risk Margin
• Sector view on cost of capital
• Calibration of lambda attenuation factor
• Other topics
• Dynamic volatility adjustment
• Symmetric adjustment on equity risk
• Own funds buffer for compressed spreads

Actuarial Function Holder (AFH) for Life and non-Life

Insurance  companies  are  required,  according to  Article  48  in the  Solvency  II  framework,  to  set  up an Actuarial Function that can inform the management of the company about its activities and results. The Actuarial Function Report (AFR) contains the results and findings of the Actuarial Function from its activities during a calendar year.

The Actuarial Function Report contains:

• Organisation
• Data quality
• Model assuption changes
• Model validation
• Different reports on technical provisions, underwriting, profitability, reinsurance, contribution to Risk Management, profit sharing and experience rating. 

• General Introduction     
• Physical, transition and liability risks
• Regulatory Developments
  • Global
  • EIOPA
  • Some European cases
  • Other regions
• Expected Impact by peril
• Modelling Considerations
• Final comments

• Cyber risk
• Pandemic risk

The Own Risk and Solvency Assessment (ORSA) process provides the framework for insurance companies to understand, evaluate, and quantify their risk profile.

Due to the impact of Covid-19 on the risk landscape, insurance companies are expected to take this “new normal” situation into account in their business plans and in the assessment of their key risks and solvency position.

• Organisation & Monitoring
• Impact Covid-19 on risk profile
• Scenarios and stress tests
  • General
  • BNB requirements (communication NBB_2020_029 du 28/7/2020)
• Lessons learned