Abi Solvency Ii Conference 2013
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ABI SOLVENCY II CONFERENCE 2013 ABI SOLVENCY ABI SOLVENCY II CONFERENCE 2013 ‘Looking to the Future’ CONFERENCE PROGRAMME abi.org.uk @BritishInsurers #SIIFuture abi.org.uk ABI Solvency II Conference 2013 Looking to the Future How to get the best out of your day The ABI has a stand in Foyer A. Please come Catering and visit our stand and meet the team! Complimentary hot and cold drinks and light snacks will be served outside the exhibition hall during the refreshment breaks and a buffet lunch Social media will be provided for delegates. Be part of the social media buzz on the day: • Twitter: For live updates on what is happening at the conference follow @BritishInsurers and Media tweet using #SIIFuture. A media room is available for journalists to use • LinkedIn: Join the ABI’s company page. throughout the conference; the room is on the first floor. Members of the ABI Media Relations Team will be on hand to help. Wi-Fi Free Wi-Fi is available Cloakroom Username: Conf Internet A cloakroom is on the ground floor by the Password: grange1990 registration desk. Join us for networking drinks! Post conference networking drinks, sponsored by Wolters Kluwer Financial Services are being held in the Atrium from 16:15. Join us for a drink and some networking at the end of a thought- provoking day! Follow us on Twitter @BritishInsurers 01 #SIIFuture ABI Solvency II Conference 2013 Looking to the Future abi.org.uk Index Welcome 03 Programme Morning schedule 04 Breakout sessions A– C 08 Breakout sessions D –F 10 Keynote speakers In order of appearance 13 Plenary session Solvency II: A solution in sight? 16 Breakout session A, Sponsored by Wolters Kluwer Reporting: a Wealth of Information 20 Breakout session B Systemic Risk: a Global Issue 24 Breakout session C Safeguarding Retirement: Solvency II’s Treatment of Annuities 28 Breakout session D, Sponsored by PA Consulting Group Mind the Gap: Interim Measures 31 Breakout session E Third-country Equivalence 35 Breakout session F Patience is a Virtue: Long-term Investment 38 Breakout sponsors 41 Drinks reception sponsor 42 Exhibitors 43 #SIIFuture 02 Follow us on Twitter @BritishInsurers abi.org.uk ABI Solvency II Conference 2013 Looking to the Future Welcome Otto Thoresen Director General, ABI Welcome to the ABI 2013 Solvency II Solvency II represents the biggest ever regulatory Conference, ‘Looking to the Future’. effort to bring a harmonised, risk-based approach to insurers’ capital standards, risk management, It has been several years since the Solvency II governance and reporting, across Europe. The Directive was first announced, and while it has industry has already spent billions of pounds been pronounced dead many times, it is very preparing for the regime, which has the potential much alive with insurers getting ready in earnest. to significantly affect the way insurers do business – from their ability to provide critical financial Agreement on the final shape of the rules is products, right through to how they can invest in expected before the end of the year and the our economy and facilitate growth. European Commission has published an amended timetable for Solvency II, confirming the new So as UK insurers in the biggest insurance market implementation date of 1st January 2016. In in Europe look to the future to see how they can addition, the European Insurance and tackle the challenges of our changing world, Occupational Pensions Authority has announced securing a Solvency II regime that reflects the the final interim guideline measures that will inform economic reality of insurance business and allows the approaches of national regulators before full the UK to remain internationally competitive, will implementation of the rules. be key. Today’s conference is therefore a timely opportunity to pick up the latest knowledge on the likely final Thank you for joining us. deal, discuss how insurers will adapt during the interim period and look ahead to the practical Otto Thoresen realities of operating in a Solvency II world. Director General, Association of British Insurers Follow us on Twitter @BritishInsurers 03 #SIIFuture ABI Solvency II Conference 2013 Looking to the Future abi.org.uk Programme 09:00 REGISTRATION AND NETWORKING Morning schedule REFRESHMENT SESSION (Foyer A&B, Level -2) 09:30 WELCOME AND HOUSEKEEPING NOTE (Auditorium, Main room, Level -2) Matt Frei, Europe Editor and Presenter at Channel 4 News 09.35 INTRODUCTION Setting the scene (Auditorium, Main room, Level -2) Hugh Savill, Director of Regulation, Association of British Insurers 09:40 WELCOMING KEYNOTE SPEECH ONE (Auditorium, Main room, Level -2) Andy Briggs, Group Chief Executive, Friends Life 10.00 KEYNOTE SPEECH TWO (Auditorium, Main room, Level -2) Sajid Javid MP, Financial Secretary to the Treasury 10:25 PLENARY PANEL SESSION Solvency II: A solution in sight? (Auditorium, Main room, Level -2) Chair: Sharon Bowles MEP Panel speakers: Andreas Viljoen, Insurance and Pensions, European Commission Frank Carson, Deputy Director, Insurance and Savings, HM Treasury Axel Wehling, Member of the Executive Board, German Insurance Association (GDV) Bertrand Labilloy, Directeur des Affaires Économiques, FFSA 11:20 SUMMARY OF MORNING Matt Frei, Europe Editor and Presenter at Channel 4 News 11:25 REFRESHMENT BREAK (Foyer A & B) #SIIFuture 04 Follow us on Twitter @BritishInsurers abi.org.uk ABI Solvency II Conference 2013 Looking to the Future 11: 45 A REPORTING: A WEALTH OF INFORMATION Breakout sessions (Room: Main Auditorium, Level 1) A – C Sponsor: Wolters Kluwer Chair: Susan Wright, Senior Regulatory Adviser, Investment Management Association Roni Ramdin, Solvency II Disclosures Work Stream Lead, RSA Jon Hocking, Managing Director, Morgan Stanley Edward Kennedy, Wolters Kluwer Financial Services Teresa Casado, Policy Adviser, Prudential Regulation, Insurance Europe B SYSTEMIC RISK: A GLOBAL ISSUE (Room: Bartholomew, Level 1) Chair: Hugh Savill, Director of Regulation, Association of British Insurers Dean Minot, Technical Specialist, Prudential Regulation Authority Nicolas Jeanmart, Head of Department – Macroeconomics, Life and Pensions, Insurance Europe Daniel Haefeli, Head of Finance, The Geneva Association Mark Chaplin, Group Enterprise Risk Director, Aviva C SAFEGUARDING RETIREMENT: SOLVENCY II’S TREATMENT OF ANNUITIES (Room: Sidney, Level 1) Chair: Jon de Beer, Assistant Director of Prudential Regulation, Association of British Insurers Carl Dowthwaite, Group Commercial Actuary, Legal and General Jim Rasque, Policy Adviser, Prudential Regulation, Insurance Europe 12:45 LUNCH BREAK AND NETWORKING SESSION (Foyer A&B, Level -2) 13:45 Keynote Speech Three (Auditorium, Main room, Level -2) Raj Singh, Group Chief Risk Officer, Standard Life 14:10 SUMMARY OF BREAKOUT SESSIONS A-C Matt Frei, Europe Editor and Presenter at Channel 4 News Follow us on Twitter @BritishInsurers 05 SIIFuture WK_Ad_ABIEvent_AW_A5.pdf 1 11/10/2013 14:56 ABI Solvency II Conference 2013 Looking to the Future abi.org.uk Excellence in Finance, Risk and Compliance C M Y LIQUIDITY RISK CM MY ALM LIQUIDITY RISK ALM ERM ERM SOLVENCY II SOLVENCY II SOLVENCY CREDIT RISK ALM ALM BASEL III CY ALM BASEL III ERM CREDIT RISK BASEL III CMY SOLVENCY II CREDIT ERM OPERATIONAL RISK RISKALM CREDIT CREDIT RISK K ER FINANCE LIQUIDITY RISK FINANCE ERM RISK LIQUIDITY RISK BASEL CREDIT RISK FINANCE ERM BASEL III MANAGEMENT DATA COMPLIANCE ALM CREDIT RISK ERM MARKET RISK ERM ALM ERM LIQUIDITY RISK CREDIT DATA MANAGEMENT ERM CREDIT MANAGEMENT INFORMATION CREDIT BASEL III ERM LIQUIDITY RISK SOLVENCY II SOLVENCY MANAGEMENT INFORMATION MANAGEMENT ALM LIQUIDITY RISK RISK FINANCE RISK BASEL CREDIT ALMOPERATIONAL RISK INFORMATION MANAGEMENT SOLVENCY II IFRS BASEL III BASEL III CREDIT RISK ALM RISK SOLVENCY II BASEL III ERM MANAGEMENT INFORMATION LIQUIDITY RISK CREDIT RISK MANAGEMENT INFORMATION LIQUIDITY RISK LIQUIDITY RISK OPERATIONAL RISK BASEL III DATA MANAGEMENT LIQUIDITY RISK CREDIT RISK MANAGEMENT INFORMATION MANAGEMENT ERM ALM ERM REGULATORY REPORTING REGULATORY LIQUIDITY RISK II SOLVENCY OPERATIONAL RISK SOLVENCY II DATA MANAGEMENT FINANCE LIQUIDITY LIQUIDITY RISK SOLVENCY II BASEL III REGULATORY REPORTING SOL OPERATIONAL RISK IFRS COMPLIANCE LIQUIDITY RISK IFRS OPERATIONAL RISK DATA MANAGEMENT BASEL III ERM ALM LIQUIDITY RISK COMPLIANCE ALM MANAGEMENT INFORMATIONSOLVENCY IIBASEL III REGULATORY REPORTING Whether complying with regulatory requirements, addressing a single key risk, or working towards an integrated risk and finance strategy, more than 15,000 customers worldwide count on Wolters Kluwer Financial Services for a comprehensive and dynamic view of finance, risk, and compliance. Please visit www.summix.wolterskluwerfs.com for more information. #SIIFuture 6 Follow us on Twitter @BritishInsurers abi.org.uk ABI Solvency II Conference 2013 Looking to the Future > Programme 14:15 D MIND THE GAP: INTERIM MEASURES Breakout sessions (Room: Main Auditorium, Level -2) D – F Sponsor: PA Consulting Group Chair: Scott Paton, PA Consulting Group Tristan Garnons-Williams, Solvency II Policy Adviser, Association of British Insurers David Innes, Head of Economic Capital, RSA Gideon Benari, Editor, Solvency II Wire Nick Kitching, Head of European Regulatory Affairs, Swiss Re E THIRD-COUNTRY EQUIVALENCE (Room: Bartholomew, Level 1) Chair: Jon de Beer, Assistant Director for Prudential Regulation, Association of British Insurers Bruce Porteous, Head of Solvency II Regulatory Development, Standard Life Bradley Kading, President and Executive Director, Association of Bermuda Insurers