OAC is delighted to be speaking at three separate events which are hosted by the Association of Financial Mutuals (AFM) during July. OAC provides the actuarial function for a number of typically smaller UK insurers, and coupled with a wide range of other related actuarial services for clients, we will provide a unique insight into the 2016 year-end process for the new Solvency II regime to highlight the common issues that firms faced. We will also identify the key challenges for next year and how they can be addressed. Attendees of the AFM events will include representatives from Boards (including non-executive directors) and Senior Management.
As part of the lessons learnt from Solvency II, OAC has written an article which summarises the issues and considerations. The conclusion of the article states:
"Needless to say, Solvency II has seen a huge impact on the insurance industry and represents a significant cost for firms. Unfortunately, the cost of maintaining such a regime for firms is likely to be a continuing factor. For many firms, nothing quite prepares them for the actual experience of meeting the new demands, especially when multiple relationships are dependent on a smooth process, both internally and externally. As I have explained, it may take 2-3 years for the new regime to become more "settled".
Read the full article, "Lessons learnt from Solvency II".
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