global director of actuarial and Solvency II consulting, SunGard’s insurance business
Contributor: Petra Wildemann
Solvency II non-compliance can impact an insurer in two different ways. First, if an insurance company does not meet a designated milestone or fails to implement adequate risk management processes, non-compliance could endanger its right to trade.... read more
Contributor: Jeff Naylor
If transfer agents tried to implement a change in the tax code that would require their clients to reach out to them to address their need for solutions that incorporated operational efficiency, client service and compliance transparency, they could not have wished for more than the upcoming cost basis changes scheduled for January 1, 2011.... read more
global director of actuarial and Solvency II consulting, SunGard’s insurance business
Contributor: Petra Wildemann
Solvency II imposes a self-regulatory component with ORSA (Own Risk and Solvency Assessment). The ORSA has a two-fold nature: first, it is an internal assessment process that is embedded in the strategic decisions of the undertaking; second, it also is a supervisory tool for the regulatory authorities, who are informed of the results.... read more
Contributor: Jeff Naylor
Few moments in tax code history are as dramatic and full of impact as the new cost basis reporting regulations: While Section 403 of Division B of Public Law 110-343 details the legislation, the bottom line is this: Cost basis reporting will be made mandatory for all brokers executing transactions that involve publicly traded securities. January 1, 2011 is the deadline for the requirements to report realized gain/loss information to the IRS for the benefit of clients who have purchased equities. Other deadlines on mutual funds and other securities follow in 2012 and 2013.... read more
global director of actuarial and Solvency II consulting, SunGard’s insurance business
Contributor: Petra Wildemann
The time and resources required for Solvency II compliance are the crux of the problem for most insurers, as current risk management systems and processes are disjointed and unable to provide the full transparency and audit capability required by Solvency II. This multi-faceted challenge will require a significant investment of time, money and people -- particularly for the IT department -- in order to develop new tools, processes and procedures. Despite the requirements, the recent SunGard study found that insurance IT professionals are behind the curve in Solvency II planning. Whether this is because business teams have been late to invite IT to the party, or because IT has been slow to respond is unclear.... read more
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