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Solvency II services - UAB „Baltic Actuarial Consulting“
UAB „Baltic Actuarial Consulting“
Actuarial services

Solvency II services

Compliance with Solvency II requirements is a major challenge to insurers across the EU. In our view implementation of the requirements of the Solvency II legislation should not be a purely compliance exercise. We believe Solvency II should introduce genuine improvements in the corporate governance, risk management, capital management and other key areas. We offer the following services in relation to Solvency II:

  • GAP analysis. This is an initial step in Solvency II implementation. We compare the existing processes with the requirements of the Solvency II legislation. As the result we produce an extensive report summarising the existing procedures with the requirements and produce recommendations what needs to be performed in the implementation process. 
  • Preparation of the project plan. After implementation tasks are identified, the resource requirements and availability should be considered and the implementation schedule should be developed. The project plan also considers the project goals, approach to implementation, project management, project risks, key implementation milestones, and other items. 
  • Development of solvency calculation models. We provide assistance with development of actuarial models for valuation of assets, liabilities and capital requirements. We also provide support in testing of actuarial models, support in QIS, review of solvency calculations. 
  • Preparation of documentation required by Solvency II. We offer our help in development of various documents required by Solvency II, for example risk policy, compliance policy, internal controls policy, reporting policy, technical provisions documentation, and many others. 
  • Development of risk management system. We provide advice in development of risk identification, measurement, management, monitoring and reporting procedures as well as the general set up of the risk management system, defining risk strategy, risk appetite and risk tolerance limits. 
  • ORSA. ORSA will be one of the main challenges in Solvency II implementation. We provide advice on ORSA policy preparation, detailed design risk assessment procedures and other matters. 
  • Corporate governance. We provide advice in redesigning the corporate governance structure to comply with Solvency II and creating relevant procedures and documentation. 
  • Public and supervisory reporting. The reporting requirements under Solvency II will be much more extensive in comparison with the current supervisory reporting in the Baltics. We offer our services in preparation of reporting templates, reporting policy and establishing the process of collection and processing of the relevant data. 
  • Training to management and employees. We provide training to management and employees on all required aspects of Solvency II.