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Governance Regulatory Compliance for Insurers
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Solvency II imposes numerous governance requirements on insurers. In this episode of “The Standard Formula” podcast, Skadden partner Sebastian Barling and Rob Chaplin, host and head of Skadden’s Europe Financial Institutions Group, guide insurers through these complex requirements.
They spotlight the Own Risk and Solvency Assessment, or ORSA, a cornerstone component of Solvency II that insurers must use to assess their risks and solvency needs. Sebastian and Rob also detail the Senior Managers and Certification Regime, or SMCR, which applies to insurers in the United Kingdom. The SMCR complements and enhances the governance requirements under Solvency II. They close with an overview of operational resilience and outsourcing requirements.
💡 Meet Your Host 💡
Name: Robert Chaplin
Title: Partner, Insurance at Skadden
Specialty: Rob primarily focuses on transactional and advisory work in the insurance sector. He advises on mergers and acquisitions, disposals, joint ventures and strategic reinsurances. He also counsels on regulatory issues, with an emphasis on Solvency II.
Connect: LinkedIn
💡 Featured Guest 💡
Name: Sebastian Barling
What he does: Sebastian is a partner in Skadden’s financial institutions regulatory practice. He provides U.K. and EU financial regulatory advice to businesses in the financial services sector.
Organization: Skadden
Words of wisdom: “Governance plays a crucial role under both Solvency II and the applicable PRA guidelines. This includes active involvement from senior management and the board to ensure that resilience measures are effective and regularly reviewed.”
Connect: LinkedIn
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The Standard Formula is a podcast by Skadden, Arps, Slate, Meagher & Flom LLP, and Affiliates. This podcast is provided for educational and informational purposes only and is not intended and should not be construed as legal advice. This podcast is considered advertising under applicable state laws.
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