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Regulation & IFRS

We support our clients in normative and regulatory changes by interpreting standards, with impact assessments and operational deployment. We bring an enlightened view of necessary evolutions, while guaranteeing an optimal budget allocation.

Prudential Directive Solvency II

The implementation of the European Solvency II directive imposed on insurance firms requires 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 technical expertise, a strong appetite for modeling and a transversal vision of the insurance world, Sia Partners supports clients in the interpretation and implementation of this standard and its amendments.

Quantification

Review of required capital
Implementation of prudential balance sheets
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 RSR and SFCR narrative reports
Producing annual and quarterly QRTs

Accounting Standard IFRS17

A new international accounting standard dedicated to the evaluation of insurance liabilities (IFRS 17) forces insurance groups to adapt, and in particular, to overhaul their accounting processes. Before its implementation, it is necessary to define and interpret the various regulatory aspects and 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 its operational implementation.

Required projects:

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