The ICS is being developed as a group-wide prescribed capital requirement (PCR) for Global Systemically Important Insurers (G-SIIs), which is a solvency control level above which the supervisor does not intervene on capital adequacy grounds. The ICS is not intended to replace existing arrangements or capital standards for legal entity supervision in any jurisdiction.
Finalyse offers you a comprehensive set of managed services and tailored solutions. Partner with Finalyse and let us take care of your compliance with ICS requirements.
ICS reporting support:
Perform the ICS calculations, technical assistance, support in submitting the ICS pack, support in responding to group-wide supervisor and monitor regulatory developments
Review of your ICS reporting pack:
Ensuring calculations are aligned to Level 1, 2, 3 specification documents, data validation checks and checking reasonableness of simplifications
Producing a gap analysis, detailing differences in the reported ICS figures to current ICS requirements and proposing a roadmap for implementation
Strategic support in understanding the ICS figures for your business and including on the long-term business strategy
Quantitative support in understanding the ICS figures for your business and including on the long-term business strategy
Quantitative support in understanding the ICS figures versus Solvency II and BMA figures
Francis is a Principal Consultant in charge of our Insurance practice in Dublin. He has 15 years of experience within the life and non-life (re)insurance industry as an actuary. His expertise covers the areas of financial reporting, prudential regulation and actuarial modelling. Francis has worked in both industry and consulting with extensive exposure to domestic and international clients and a keen eye on new regulatory developments.
Frans is an actuary and Financial Risk Manager with international experience in the pensions and insurance sectors. He has been specialising in climate change risk management, actuarial valuations (AXIS), financial reporting (IFRS17, IAS19), regulatory reporting (Solvency II, ICS, IORP II), market risk management (ALM, SAA) and investment consulting.
Bence is a senior actuary with 20+ years of experience in life actuarial science and reporting in Solvency II, IFRS, BMA EBS and ICS regulations. His focus has been on actuarial and risk modelling - including capital projections, market risk management and internal model validation – and ERM framework design. Bence delivers business transformation, reinsurance, new authorisation and M&A projects and is keen on applying machine learning and data analytics for actuarial use cases.
Paramjeet is a nearly qualified actuary within the life industry with 7 years of proven experience across various projects and countries. His expertise covers the areas of IFRS17 implementation, Solvency II and Prophet Modelling. He worked in the life insurance industry for several large insurance projects in a valuation and modelling capacity with a variety of domestic and international clients across various insurance regulatory requirements.