Solvency II Compliance Training & Certification
20 January 2009
The CEO of Peach, a business ethics, compliance, risk and change management company in the UK, today announced the launch of a unique Solvency 2 training & certification scheme for insurance employees, financial institutions, consultants and software vendors.
The training & certification scheme is based on Dr Abe Abrahami’s 34 year-experience and know-how that have helped blue chip companies and government agencies to save or increase revenue by an estimated $300 million US dollars (£200 millions Pounds Sterling).
Solvency 2 is a new framework for prudential regulation of the insurance market in the EU. In consultation with Member States, the European Commission is drawing up a new directive governing the prudential regulation of life, non-life and reinsurance business (generally called “insurance”).
This proposed directive would need to be agreed by the Council of Ministers and the European Parliament. The regulatory framework will be supplemented by more detailed provisions (implementing measures and supervisory co-ordination) are drawn up under the Lamfalussy arrangements (as per MiFID).
The Solvency 2 system is based on the European Basel 2 three-pillar banking model.
Pillar 1 - This examines what the capital requirements are and should be.
Pillar 2 - This looks at supervisory activities and company management.
Pillar 3 - This addresses reporting and public disclosure.
Valuation rules, supervisory reporting, and public disclosure under Solvency 2 should be based on the public accounting rules of the International Accounting Standards Board (IASB), which are in use in Europe, rather than a separate statutory system as in the U.S.
It will have a great impact on business practices, computer applications, scenario modelling, workflow and procedures.
Solvency 2 is affected by and affects Sarbanes-Oxley Act, MiFID (Markets in Financial Instruments Directive), Basel 2 Accord, Asset & Liability Management (ALM), Anti-Money Laundering (AML), and other related frameworks.
Peach has an effective pill for your Solvency 2 headache. Our purpose-built Solvency 2 training & certification scheme will help you to avoid the pitfalls, avoid costly penalties, reduce costs and increase income.
Instead of working in a silo, we can cross reference Solvency 2 to the other relevant frameworks for overlaps, thus integrating Solvency 2 with other self-attestation audit questionnaire checklists and processes, and avoiding duplication or triplication of information and implementation costs.
The Institute of Management Specialists accredits Peach’s proven and successful techniques and training courses.