Insurance Flashcards

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1
Q

Scope of IDD

A

level playing field, curbind further fragmentation in EU market, reduce burdens of cross-border entry

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2
Q

Cross-selling

A

if product/service is not insurance based and is offered with insurance product, customer has to be informed about everything and given opportunity to buy components separately

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3
Q

Solvency II, steps of lawmaking (lamfalussy process)

A

Level 1: Solvency II
Level 2: implementing measures
Level 3: supervisory standards (not legally binding)
Level 4: evaluation: monitoring compliance bla

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4
Q

Scope of Solvency II

A

life and non-life insurance, reinsurance headquartered in EU

Exceptions: insurances in statutory system (controlled by other gov. bodies), very small insurances, pension funds

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5
Q

Solvency II pillars

A

1) quant requiremnts: measurement of assets, liab, capital
2) qualitatibe req: effective risk mgmt system
3) transparency requirements: reporting, disclosure

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6
Q

SII quant req.

A

1) measure solvency with total balance sheet approach (on market basis)
2) calculation of MCR and SCR. breach of SCR ->intensified supervision take measures to meet SCR. breach of MCR -> leave market unless MCR is met soon
3) investment management

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7
Q

S II qual. req.

A

1) fit and proper people
2) functions/system of governance: need risk mgmt (ORSA: own risk and solvency assessment), internal control, internal audit, actuarial function
3) outsourcing
4) remuneration

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8
Q

ORSA

A

own risk and solvency assessment: function both as internal assessment and supervisory tool. includes quant AND qual risks

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9
Q

Remuneration policy principles

A

suppoer long term interest
clear and transparent
for etire orginazional structure with focus on mgmt and risk takers
variablec´components linked to ongterm interest

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