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Regulation & IFRS

We support our clients response to normative and regulatory changes with interpretations of standards, impact assessments and operational deployment. We bring an enlightened view of necessary evolution, while guaranteeing an optimal budget allocation.

Prudential directive Solvency II

The implementation of the European Solvency II directive imposed on insurance firms a lot of additional work, in particular in terms of modeling (standard formula, internal model, USP), of production (SII closure, calculation of equity, projections ORSA, etc.), governance and even reporting.

Thanks to certain technical expertise, a strong appetite for modeling and a transverse vision of the insurance world, Sia Partners supports its clients in the interpretation and implementation of this standard and its amendments.

 

Quantification:

  • Review of required capital
  • Implementation of prudential balance sheet
  • Review of actuarial assumptions and modeling methods
  • Asset allocation strategy

 

Governance:

  • Implementation of policies and support in their drafting (underwriting, reinsurance, provisioning policy, etc.)
  • Support for the various key functions (actuarial function report, audit report, ORSA, etc.)

 

Transparency:

  • Drafting of RSR and SFCR narrative reports
  • Production of annual and quarterly QRTs

Accounting standard IFRS17

A new international accounting standard dedicated to the evaluation of insurance liabilities (IFRS 17) forces the insurance groups, which are subject to it, to adapt and in particular to overhaul their accounting processes. Before its implementation, it is necessary to define and interpret the various regulatory aspects to carry out a coherent transcription of the Guidelines.

This adaptation phase requires setting up several projects, but this standard will also generate opportunities that should be identified immediately.

Sia Partners supports its customers in understanding and interpreting this standard as well as in its operational implementation.

 

Projects are therefore necessary:

  • Need to shorten closing times: faster at fast-closing
  • Evolution of projection models for a good adaptation to IFRS17 constraints
  • Interpretation of norms and operational implementation
  • Review of models (including model point and assumptions) and management of specific provisions

 

This standard also offers opportunities:

  • Creation of data cubes and optimization of certain processes
  • Monitoring the profitability of portfolios
  • New focus on performance management and financial communication