REGULATION Flashcards
1
Q
A
2
Q
What are the assessment ares in the supervisory review process (SRP)?
A
System of governance and risk assessment (including ORSA)
Technical provisions
Capital requirements
Investment rules
Quality and quantity of own funds
Use of internal models
3
Q
How do SRP and ORSA relate to one another?
A
ORSA is the insurer’s self-assessment tool whist SRP is the PA’s assessment tool - together there is comprehensive opinion on insurer’s risk and solvency level.
If SRP identifies issues, may result in changes to ORSA processes.
4
Q
What are the four main sections covered by the LT Insurance Act that you should know?
A
- Head of Actuarial Function
- Financially Soundness Requirements
- Returns
- Liability transfer
5
Q
A
