An Introduction to Solvency UK Training Course

Solvency II introduced a new, harmonised EU-wide insurance regulatory regime, a system of supervision for insurance firms across all 27 European Union (EU) member states.

In addition, the regulation imposes stricter requirements on firms to protect policyholders via adequate capital and consistent risk management standards.

This course will enable your employees to familiarise themselves with, and better understand Solvency II.

About this Course

This SCORM-compatible course is part of our Insurance Course Library.

The library is available in the Skillcast Standard plan for larger companies or Skillcast Basic plan for those with under 50 learners.

Learning Objectives

This course will prepare you to:

Understand what Solvency UK is
Identify the three separate "pillars" that comprise Solvency UK
Be familiar with the main features of each pillar:

Capital requirements
Risk management, governance and supervisory review
Reporting and disclosure

Course Outline

Welcome

Pillar 1 - Capital requirements

Basic own funds

Ancillary own funds

Minimum Capital Requirement (MCR)

Solvency Capital Requirement (SCR)

The 'use test'

- Scenario 1

Quality of capital

The 'ladder of intervention'

Pillar 2 - Risk management, governance & supervisory review

Risk management

Own Risk and Solvency Assessment (ORSA)

- Own Risk and Solvency Assessment (ORSA)
- ORSA policy

System of governance

Fit and proper requirements

Internal control

Key functions

- Scenario 2

Pillar 3 - Reporting and disclosure

Summary

Affirmation

Assessment

Course Specifications

Structure

Approximately 30 minutes followed by a 10-question assessment.

Audience

Suitable for all staff - examples and interactivities designed for staff at all levels. No previous knowledge or experience is required.

Design

SHARD-compliant, responsive display on all devices, accessibility on screen readers, visual design controlled via client style sheet.

Compatibility

All Windows, Mac OSX, iOS, Android (Flash-free for mobile compatibility). AICC and SCORM 1.2-compliant, suitable for both hosted and deployed SCORM or AICC.