Implementation of Solvency 2 in Slovenia

mag. Mateja Slapar

Zavarovalnica Triglav, d.d.

Agenda Requirements of Solvency 2

Experience in Slovenia

Current issues

Requirements of Solvency 2Fundamental review of regulatory requirements for insurance firms that operate in the European UnionL1 Solvency 2 Directive - framework setting out basic principles, defining the solvency system L2 Implementing measures – formulating more detail, technical rules

Experiance in Slovenia

Stress test in 2011, LTGA in 2013, stress test in progress

First draft of Insurance law implementing the S2 (Ministry of Finance, Insurance supervision agency and Insurance Association)

In Actuarial association – discussions with supervisors about technical issues arising in QIS study’s

Stolpec1 QIS2 QIS3 QIS4 QIS5Year 2006 2007 2008 2010No. Entities 3 11 10 16Groups 1 1Market shareNon life 12% 88% 87% 100%Life 11% 97% 75% 94%

Current issues / developments

Pillar 1:

• stress test in progress

• Work on shortening the time period to produce results, improving the results quality

• Improved understanding of standard formula, USP

Pillar 2:

• Implementing measures – preparation on Solvency 2 (corporate governance, ORSA, reporting requirements, internal models)

• Corporate governance, risk management, ORSA requirements implementation – gap analysis between current and S2 requirements

• Still some areas that are not clear!

Pillar 3:

• QRTs – what needs to be reported, avtomatization of data preparation

• ORSA report

Questions?