Nov 19, 2012 - foster risk management - and we will most probably encourage insurers to do so in 2013." The DNB is currently in discussions with the ...
Dutch insurers to use ORSA ahead of Solvency II 19 November 2012 Dutch insurers will be encouraged to use their own risk and solvency assessment (ORSA) in 2013, before Solvency II is implemented, according to the regulator. De Nederlandsche Bank (DNB) has asked insurers to develop an ORSA by the end of 2012 as part of its voluntary pilot test. It expects to receive 70 reports and is planning to provide feedback in the first quarter of 2013 (see IERM, 3 April) "The ORSA exercise is not meant to fulfil Solvency II requirements," Tobias Oudejans, a spokesperson from the regulator, said. "Nevertheless, we do allow insurers to use the ORSA to foster risk management - and we will most probably encourage insurers to do so in 2013." The DNB is currently in discussions with the government and the insurance industry about the future of Solvency II and will announce more solid plans for Dutch insurers at its seminar on 10 December. Boke de Pater, senior consultant at Towers Watson in the Netherlands, said despite the expected delay to Solvency II, all insurers and the DNB are sticking to their Solvency II programme schedules. "All the delay rumours are not a big deal here," he said. "Insurers and the regulator will carry on regardless of what happens in the rest of Europe and will go ahead and use elements of Solvency II before it is implemented." This has already happened with the use of the ultimate forward rate curve -- a Solvency II proposal to help ease solvency pressures on the country's insurers dealing with historically low interest rates -- which the DNB adopted in July (see IERM, 13 July). According to Pater, the development of Solvency II in the Netherlands is a particular challenge for subsidiaries of companies based outside the country. "There has been a lot of discussion between head offices based in a country where the progress is slowing down and Dutch subsidiaries. The head offices don't understand the effort in pillar 2 and feel forced by their subsidiaries because there is further development in the Netherlands," he said. Only a handful of Dutch insurers are implementing a partial internal model for Solvency II and Pater expects those to be approved in 2013. "The gap between countries that are more prepared for Solvency II, such as the UK and the Netherlands, and other countries that are less prepared will only increase now because of the delay
rumours. Dutch insurers are pushing ahead with pillar 2, while other countries are slowing down," he added. See a map of internal model progess across Europe here (recent additions include Greece and Slovenia.)
Europe: internal model status The number of re/insurers in each European country applying for Solvency II internal models varies widely, along with the pace of preparation for the directive.
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France: 15 companies applying for IMs. UK: 60 insurers are in the pre-application process for IMs, with the majority aiming for partial IMs. Belgian: Around 30 insurers have indicated their intention to develop IMs in the contexte of Solvency 2 in middle or long term, with 12 companies involved in the pre-application process. Germany: 6 insurers applying for IMs. In second application phase, more companies will try for IM approval. Netherland: 4 larger insurers in pre-application for IMs.Around 8 insurers reported to have opted for partial IMs, with the rest going for the standard formula. Spain: 4 to 5 insurers applying for IMs; 20 applied originally. Italy: 6 insurers are applying for IMs; predicted to increase to 10-12. Ireland: 31 companies belonging to 20 groups have pre-applied for IMs. Greece: 4 insurers implementing IM. …
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