The CBI hosted a breakfast briefing for Compliance Officers at the National College of Ireland on 28 October 2015. Opening remarks, given by Sylvia Cronin (Director of Insurance Supervision), were followed by presentations from Mark Burke (Head of Advisory, Analytics & Actuarial Services), Kieran Murphy (Head of Insurance Supervision) and a Q&A session hosted by Tim O’Hanrahan (Solvency II Programme Manager). The presentations from Mark Burke and Kieran Murphy have both been published by the CBI.
Mark Burke’s presentation covers the changes within the Insurance Directorate in preparation for Solvency II as well as the new approach being taken by the CBI in its model for supervisory engagement, with a particular focus on changes to PRISM. There are four proposed categories of engagement level intensity: Intensive, Enhanced, Standard and Basic. Risk categories are also to be redefined to more closely align with Solvency II. The presentation signalled that there will be more supervisory intervention across the impact categories as the CBI moves away from a model of resource allocation dictated exclusively by firm size.
The address from Kieran Murphy considers the supervisory engagement model in the context of the domestic life and non-life markets, cross border and managed companies, as well as reinsurance, and indicates the key areas of focus for each category of business. The CBI’s approach to on-site inspections and commentary on internal models are also included in the presentation.
A link to the presentation is here.