Solvency II - Foundation

Solvency II is the EU regulatory prudential framework for (re)insurance companies which aims at leveling the playing field of the insurance market in terms of capital requirements, governance, and policyholder protection. This regulation is built upon 3 pillars that deal with quantitative solvency requirements (pillar 1), governance and own-risk assessment (pillar 2) and financial communication and market discipline (pillar 3). Since 2021, EIOPA has introduced an update of the current regulation aiming at making the insurance and reinsurance sector more resilient and prepared for future challenges, whilst stabilising insurers' capital requirements, giving them room to manoeuvre in the short term.

By the end of this course, participants will be able to:

• build basic knowledge about key concepts (SCR, MCR, BE, RM);
• get insight into the risk management and governance (ORSA);
• get insight into the reporting under Solvency II (QRTs, RSR, SFCR).

Solvency II - Background
Risk-based regulation: three pillars
1. Pillar I - Quantitative requirements
2. Pillar II - Governance
3. Pillar III - Disclosures
Luxembourgish market
Solvency II and CAA

This training is coordinated by Pavel Kostyuchenko, Partner at PwC Luxembourg, and Anasse Laghraib, Director at PwC Luxembourg. It will be delivered by experts of PwC Luxembourg daily involved in solvency II topics for insurers and reinsurance companies.

Pavel is an IFoA qualified actuary (in the UK) and a member of ILAC (actuarial association in Luxembourg) with more than 15 years of professional experience at PwC offices across Europe and Asia, currently leading the actuarial practice at PwC Luxembourg. Pavel specialises in actuarial consulting services for financial services companies - financial reporting, Solvency II, pricing, embedded value, business planning, etc. He supports commercial companies in setting up reinsurance captives as well as run for them the full cycle of actuarial and reporting needs.

Anasse is a qualified French actuary with more than 11 years of professional experience. He holds an engineering degree in mathematics and computer science from IMT Atlantique and an actuarial science master and a quantitative finance master from CNAM Paris. He joined PwC Luxembourg in 2020 and is a director in the actuarial and Risk Modelling team.