STATISTICS:

"Solvency II Lessons Learned" - discussed in September, in Ljubljana

The introduction of Solvency II, starting January 2016, represents the biggest shift in the insurance regulation in several decades. the challenges arising from this shift ranging from financial, organisational, legal, operational, to systemic risks. The "Solvency II Lessons Learned" conference, organized by the Slovenian Insurance Supervision Agency, aims to exchange views on the first lessons learned in this respect.

As stated by the event's organizers, the year 2016 is of crucial importance for the insurance industry and the consumers in European Union, and specifically in Slovenia, as the market is gaining the first real-life experience in introducing risk-based regulation on an EU level. The industry has produced the first reports, calculated MCR and SCR, prepared ORSAs and thoroughly reviewed their rules of governance. On paper, all this seems simple. Yet in practice the process is far more complicated and there are several aspects which require the insurance professionals attention.

Secondly, the conference will focus on the thorough changes in the conduct of business landscape. The IDD directive has meanwhile been adopted, EIOPA has issued guidelines on Product Oversight and Governance and, additionally, Solvency 2 has also had a profound impact on consumers. This section of the conference will foster a discussion on impact of these changes on the insurance industry, consumers and regulators and supervisors.

Last but not least; a special mention will be given to the fact that 2016 marks the 25th anniversary of Slovenia's independence and consequently of its insurance market. "We are very proud of the mature and sustainable insurance market that grew out of the economic ashes of the former system, starting almost from the scratch. Slovenia has successfully entered the EU, adopted the EURO. Now we have a working market with almost 2 billion EURO overall gross written premium, 16 insurance companies and two regionally important insurance groups headquartered in Slovenia. Furthermore we are proud that despite adverse macroeconomic environment no insurance company in Slovenia in the past 25 years failed or required any form of state aid or intervention," stated the organizers.

The conference will take place in Ljubljana, os September 6th, organized by the Slovenian Insurance Supervision Agency, under the honorary patronage of the President of the Republic of Slovenia, Borut PAHOR.

Participation is free on charge. Applications for participation at the conference Solvency 2 will be accepted until Friday 26 August.

More details and registration here.

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