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Home Past events The International Insurance Capital Standard

The International Insurance Capital Standard

The Financial Stability Board in 2013 stated that the development of a sound capital and supervisory framework for the insurance sector is essential for supporting financial stability. Subsequently, the International Association of Insurance Supervisors (IAIS) has embarked to develop a comprehensive, group-wide supervisory and regulatory framework for Internationally Active Insurance Groups (IAIGs), including a quantitative Insurance Capital Standard (ICS).

The Insurance Capital Standard 2.0, which would apply to IAIGs, is currently at the beginning of a five-year monitoring period. Over this period, supervisors are due to assess the performance of the ICS and whether the ICS appropriately captures current market conditions and risks. The IAIS is now undertaking an economic impact study of the ICS and assessing how the ICS reacts under stressed situations.

This seminar will explore the status of the ICS and the impact of market stress under COVID-19. We will also look at the link between the ICS and the planned revisions to Solvency 2 in the EU in 2021. Bringing together views from Europe and the United States the seminar will examine the prospect for outcome-based equivalence between the ICS and the ongoing US domestic discussions on an alternative aggregation-based method.

Topics of Discussions will include:

  • How to ensure the largest participation in the ICS monitoring exercise;
  • Whether the ICS appropriately captures market risks;
  • Progress on the Aggregated Method in the United States;
  • The EU’s expectations in the ICS, as well as
  • The overall importance of international cooperation and the EU-US Insurance Dialogue.

The event is finished.

Date

10 Dec 2020
Expired!

Time

3:00 pm - 4:30 pm
Nickolas Reinhardt

Organiser

Nickolas Reinhardt
Phone
+32475330039
Email
Nickolas.Reinhardt@aforeconsulting.eu

Director

Other Organizers

Jean Plattard
Jean Plattard
Phone
+32471859333
Email
Jean.Plattard@aforeconsulting.eu

Senior Consultant

Speakers

  • Carlos Guiné
    Carlos Guiné
    Team Leader, International and Sustainable Finance, EIOPA

    Carlos Guiné is the Team Leader of the International and Sustainable Finance Team at EIOPA’s Policy Department. He is responsible for coordinating the technical work of the Team as well as EIOPA’s overall positions on international issues and sustainable finance.
    Carlos joined EIOPA in 2012, focusing on international policy topics mainly through the IAIS. Carlos actively contributed to the IAIS work on the ICPs, ComFrame and the ICS, namely by leading the development of the Market Adjusted Valuation (MAV) approach. Since mid-2018, Carlos joined EIOPA Oversight Department, where he developed supervisory activities such as participating in Colleges of Supervisors for large cross-border Insurance Groups and supporting convergent supervisory practices among the EU Member States.
    Before joining EIOPA, he worked for 6 years with the Portuguese Insurance Supervisory Authority mainly on the development of Solvency II and financial stability topics. He started his career in 2001 as a University lecturer in the fields of accounting and finance.
    Carlos Guiné holds a degree in Economics and an MsC in Finance.

  • Didier Millerot
    Didier Millerot
    Head of Unit Insurance and Pension, DG FISMA

    Didier Millerot, born 1968, Franco-Belgian nationalities.
    Didier Millerot joined the European Commission in 1994. He joined DG MARKT in 1997 where he held several legal positions.
    He was appointed Deputy-Head of the Asset Management Unit in 1997 where he took active part in the negotiation of the UCITS IV and AIFM Directives.
    After a year of secondment in the cabinet of Commissioner Barnier, Didier was appointed Head of the Accounting and Financial Reporting unit in 2012, a period during which the Accounting Directive was simplified and new transparency requirements introduced (non-financial reporting).
    Didier then joined unit FISMA/D2 in 2015. During that period, new EU legislation on covered bonds was introduced. Didier also led the review of prudential requirements for investment firms.
    Appointed Head of the Insurance and Pensions unit in 2019, Didier is now in charge of the Solvency II review. He also represents the European Commission at the EIOPA Board of Supervisors and in the IAIS ExCo.

  • Frederik Allossery
    Frederik Allossery
    Director Business Risk Management, Ageas

    Frederik Allossery has been a Director at AGEAS since 2011, first for Financial Risk and then for Business Risk Management. Prior to that, he worked for two years at Candriam Asset Management as an ALM actuary on Institutional allocation mandates. He started his professional career in 2002 at BNP Paribas, which left in 2009 after having reached the position of senior ALM analyst on insurance ALM and corporate finance. Mr Allossery holds a master’s degree in actuarial sciences from the University of Leuven.

  • Martin Hansen
    Martin Hansen
    Head of Regulatory Policy, Planning, and Strategy, AIG

    Martin Hansen is Senior Managing Director, Head of Regulatory Policy, Planning, and Strategy at AIG and represents the company in both its domestic and international engagement on prudential regulatory initiatives, particularly on issues related to capital, liquidity, group-wide supervision, and financial stability. In this capacity, he is responsible for the formulation, substantiation, and articulation of AIG’s policy positions; strategic assessment and planning related to implementation of emerging prudential standards; and communication with AIG’s executive leadership on significant developments.
    Martin previously held senior management roles within AIG’s Finance (Treasury) and Enterprise Risk Management functions.
    Martin joined AIG from Fitch Ratings, where he co-founded the Macro Credit Research group, a cross-sector research team focused on credit market and financial system risk issues. His research has been frequently cited in leading financial media (e.g., Financial Times, Wall Street Journal, Risk), official sector studies (e.g., Bank of England, Federal Reserve, IMF), and academic and industry journals.
    Martin started his career at the Federal Reserve Bank of New York, where he worked on the policy development of Basel II, including a secondment to the Bank for International Settlements.
    Martin received his AB from Princeton University cum laude and has a Masters in international economics and finance from the Fletcher School (Tufts University).

  • Patricia Plas
    Patricia Plas
    Group Head of Public Affairs, AXA

    Patricia Plas joined AXA in 2016 as Director of Group Public Affairs.
    Her team is in charge of contributing to public policies and regulatory
    developments relevant to AXA’s interests and activities. The team
    coordinates Group’s representation and engagement with the
    European authorities as well as with relevant international policy and
    rule-making bodies.
    Before joining AXA, Patricia has been the Director of Public Policy
    and Regulatory Affairs of Aegon since 2007. She established the
    function which was in charge of positioning the Group in its global
    regulatory and supervisory environment and which contributed to the
    preparation of the company to major regulatory changes.
    Before joining Aegon, Patricia was the Economics and Finance
    Director of the CEA (Comité européen des assurances, now
    Insurance Europe) from 2003 to 2006.
    Patricia was previously Director of the Financial Services Group of
    PricewaterhouseCoopers (from 1989 to 2003) where she specialized
    in the audit and advisory of insurance companies and pension funds.
    Patricia is a graduate in Economics and Finance.

  • Romain Paserot
    Romain Paserot
    Deputy Secretary General, IAIS

    Romain joined the Secretariat in June 2016 as Deputy Secretary General, overseeing the internal operations and, since June 2017, capital and solvency initiatives and issues.
    Prior to becoming Deputy Secretary General, Romain held several senior positions at the French insurance supervisory authority (ACPR), as the Director for International Affairs and the Director for Insurance Supervision. From 2012 to 2016, he was responsible for the Solvency II Program at ACPR, aiming to prepare ACPR and the French market to the new solvency framework. Romain has been involved in many international bodies as a Member of the IAIS Financial Stability and Technical Committee, Basel Committee on Banking Supervision Policy Development Group and EIOPA Board of Supervisors (as alternate).

    Romain, a former student of the Ecole normale Superieure (Paris), is an actuary and holds a Master of Economics and Econometrics from the University of Paris Pantheon Sorbonne.