Solvency II - Foundation
Solvency II is the EU regulatory prudential framework for (re)insurance companies which aims at leveling the playing field of the insurance market in terms of capital requirements, governance, and policyholder protection. This regulation is built upon 3 pillars that deal with quantitative solvency requirements (pillar 1), governance and own-risk assessment (pillar 2) and financial communication and market discipline (pillar 3).
Since 2021, the European Insurance and Occupational Pensions Authority (EIOPA) has introduced updates to the current regulations with the aim of making the insurance and reinsurance sector more resilient and prepared for future challenges. This includes stabilising insurers' capital requirements, providing them with room to manoeuvre in the short term.
In order to complement your learning journey, please discover our Insurance curriculum.
Duration: 3h
Language: Available in English and French. The supporting material is only available in English.
Number of participants: up to 15
Available as intra-company course (i.e. dedicated session on demand)
Course content can be customised on demand under specific conditions.
Objectives
By the end of this training, participants will be able to:
- build basic knowledge about key concepts (SCR, MCR, BE, RM);
- get insight into the risk management and governance (ORSA);
- get insight into the reporting under Solvency II (QRTs, RSR, SFCR);
- report under S2 (QRTs, RSR, SFCR) and regulator expectations.
Content
- Solvency II - Background
- Risk-based regulation: three pillars
- Pillar I - Quantitative requirements
- Pillar II - Governance
- Pillar III - Disclosures
- Luxembourgish market
- Solvency II and CAA
Target audience
- Actuaries
- Accountants
- Finance controller
- C-level
Our lead experts
This training is coordinated by Pavel Kostyuchenko, Partner at PwC Luxembourg , and Timothée Muller, Senior Manager at PwC Luxembourg. It will be delivered by experts of PwC Luxembourg daily involved in solvency II topics for insurers and reinsurance companies.
Pavel Kostyuchenko is a partner and Fellow of the Institute and Faculty of Actuaries, specialising in actuarial consulting and risk modelling for the financial sector with over 20 years of experience, including 17 years at PwC. He leads PwC Luxembourg's actuarial and risk modelling services practice and previously headed actuarial practices in PwC’s CEE offices in Asia. Pavel advises insurers and reinsurers on reserving, financial reporting, IFRS17, Solvency II, business planning, and acquisitions. He contributes to PwC’s global Actuary of the Future and Actuarial Modernisation initiatives and supports the UK Institute and Faculty of Actuaries on the profession’s future in overseas markets. His expertise includes risk capital frameworks, strategic asset allocation, and ALM, serving clients in insurance, asset management, and the public sector.
Timothée Muller is a senior manager and fully qualified actuary with over seven years of professional experience, holding master’s degrees in statistics with actuarial specialisation and IT engineering. Since 2021, he has been with PwC Luxembourg’s Actuarial, Risk & Modeling Services team, leading Solvency II reporting, actuarial reserving reviews, and various advisory projects. His expertise spans Solvency II and capital modeling, regulatory reporting, risk modeling, and IT process optimisation. Timothée manages transfer pricing analyses for reinsurance captives, supports reinsurance clients in optimising structures, and develops dividend strategies for insurance entities, while also delivering actuarial training and supporting due diligence and audit engagements.
