Panel: model validation post Solvency II

L - R: Tom Bryant, Philip Whittingham, David Innes, Chris Cundy

PANEL DISCUSSION: Post Solvency II: what does business as usual look like in terms of model validation?

  • Keeping the model valid post IMAP (internal model approval process)
  • What constitutes 'fit & proper requirements for Solvency II' now that we are in the Senior Insurance Managers Regime (SIMR)?
  • Stress (and reverse-stress) testing and scenario testing
  • The need to reach an agreement on exactly what makes the business unviable (ie it would certainly be unviable before capital runs out)
  • Model changes

David Innes, Group Capital and Financial Risks Director, RSA
Philip Whittingham, Head of Model Validation & risk Governance (including Operational Risk), XL Catlin
Tom Bryant
, Head of Audit (LGR), Group Internal Audit, Legal and General

Moderated by: Chris Cundy, Managing Editor, InsuranceERM