Solvency II

Syndicate Workstreams

• Overall Approach

  

  Sets out the high level plan in respect of the requirements for managing agents’ preparation for Solvency II.

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  Contact:
  solvency2@lloyds.com

• Internal Model SCR

  
  

  

   

  Internal Model SCR is a dedicated quantitative review of syndicate models and outputs as a key input to the LIM

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  Primary Audience:
  Risk management function, Actuarial function, Capital modelling actuaries

  Contact:
  solvency2@lloyds.com

• Valuation and Balance Sheet

  
  

  

   

  Focuses primarily on the valuation of assets and liabilities, excluding technical provisions.

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  Primary Audience:
  Finance function, Investment managers

  Contact:
  solvency2@lloyds.com

• Technical Provisions and Standard Formula

  
  

  

  This workstream will focus on the calculation of Technical Provisions (TPs) and the Standard Formula SCR.

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  Primary Audience:
  Actuarial function, Finance function

  Contact:
  solvency2@lloyds.com

• Model Validation

   

  

  Focuses on ensuring syndicate models produce an appropriately calibrated SCR and that models are demonstrably compliant with the relevant tests and standards of the Directive.

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  Primary Audience:
  Risk management function, Actuarial function, Capital modelling actuaries, IT departments

  Contact:
  solvency2@lloyds.com

• Governance, Risk Management and Use

   

  

  Focuses on ensuring the Internal Model is adequately controlled and robust processes and governance structures are in place.

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  Primary Audience:
  Risk management function, risk managers, compliance managers, Internal audit

  Contact:
  solvency2@lloyds.com

• Reporting and Disclosure

   

   

  Focuses on the framework, process and systems that agents need to have in place to meet the relevant requirements.

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  Useful for:
  Finance function

  Contact:
  solvency2@lloyds.com

• Documentation and Final Application

   

   

  Focuses on ensuring the quality and integrity of the overall LIM application by ensuring that all agents prepare sufficient and appropriate evidence.

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  Useful for:
  Programme managers, Senior Nominated Persons

  Contact:
  solvency2@lloyds.com

• Previous Solvency II Guidance

  
  Click on the link below to access previous Solvency II Guidance including information on Gap Analysis, Implementation Plans and QIS 5:

  Access previous Solvency II Guidance