The Standard Formula

Skadden, Arps, Slate, Meagher & Flom LLP
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The Standard Formula

From Skadden, The Standard Formula is a Solvency Two podcast for UK and European insurance professionals. Join us as Skadden Partner Robert Chaplin leads conversations with industry practitioners and explores Solvency Two developments that matter to you. If you’re enjoying The Standard Formula, be sure to subscribe in your favorite podcast app so you don’t miss any future episodes. Additional information about Skadden can be found at Skadden.com. The Standard Formula is a podcast by Skadden, Arps, Slate, Meagher & Flom LLP, and Affiliates. Skadden is recognized for its deep experience in representing insurance and reinsurance companies and their advisers on a wide variety of transactional and regulatory matters. 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.

  1. 2 DAYS AGO

    The SFCR and Other Public Reporting: A Solvency II Cornerstone

    In this installment of The Standard Formula’s series on Solvency II, host Robert Chaplin and Chiara Iorizzo unpack the regime’s public reporting element. As Rob explains, public reporting “bolsters transparency and market discipline across the insurance industry.” Rob and Chiara cover requirements of the Solvency and Financial Condition Report (SFCR) and discuss some proposed changes to these reporting requirements. They also explore external audit requirements and review the role of the European Insurance and Occupational Pensions Authority (EIOPA) in information disclosure. 💡 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: Chiara Iorizzo What she does: Chiara is an associate in Skadden’s Financial Institutions Group. Organization: Skadden   Words of wisdom: “The purpose of the SFCR is to provide stakeholders, like policyholders and regulators, with a comprehensive overview of the insurer’s solvency and financial condition.” Connect: LinkedIn   Connect with Skadden☑️ Follow us on X and LinkedIn. ☑️ Subscribe to The Standard Formula on Apple Podcasts, Spotify, or your favorite podcast app. 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.

    22 min

  2. 28 OCT

    Understanding the Supervision Component of Solvency II

    Host Robert Chaplin and guest James Pickstock cover the Solvency II supervision framework, which is designed to protect policyholders and promote insurer soundness. They focus on the Regular Supervisory Report (RSR), a quantitative tool that is among four key areas that insurers must disclose to supervisors. Robert and James also look ahead to legislative reform effective at year’s end. Watch for our next episode, which will focus on the Solvency and Financial Condition Report, another key area that must be reported to supervisors. 💡 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: James Pickstock    What he does: Based in London, James is an associate in Skadden’s Financial Institutions Group. Organization: Skadden Words of wisdom: “The U.K. reforms take effect from the 31 December, 2024. Under both the U.K. and EU frameworks, insurers that don’t exceed the new increased thresholds will continue to be able to operate under the Solvency II regime, should they wish to, by applying for a voluntary requirement.” Connect: LinkedIn Connect with Skadden☑️ Follow us on X and LinkedIn. ☑️ Subscribe to The Standard Formula on Apple Podcasts, Spotify, or your favorite podcast app. 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.

    19 min

  3. 23 SEPT

    Insurers in Difficulty: Staying Compliant Under Solvency II

    When U.K. insurers observe they cannot comply with requirements under Solvency II, there are detailed steps that one must take. Feargal Ryan, European counsel in Skadden’s Financial Institutions Group, and host Rob Chaplin, head of the firm’s Financial Institutions Group in Europe, break down insurers’ obligations. They explain differences between the Solvency Capital Requirement (SCR) and Minimum Capital Requirement (MCR) and examine the Prudential Regulation Authority’s (PRA’s) 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:  Feargal Ryan What he does: Feargal advises on a wide range of insurance-related transactions, as well as regulatory issues in the insurance sector. Organization: Skadden Words of wisdom: “The first and most critical step is to initiate a frank and open dialogue with the PRA. Once there is any observation of actual or potential non compliance with the SCR, the insurer should detail all material matters impacting upon the insurer's financial difficulty, as well as any matters that may, in the short, medium, and or long term, impact upon the financial condition of the insurer.” Connect: LinkedIn Connect with Skadden☑️ Follow us on X and LinkedIn. ☑️ Subscribe to The Standard Formula on Apple Podcasts, Spotify, or your favorite podcast app. 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.

    20 min

  4. 21 AUG

    Valuation of Assets and Liabilities Under Solvency II

    Because strategically allocating assets and managing investments are key to an insurer’s business, valuing assets and liabilities is an important area of focus. In this episode of “The Standard Formula,” host Rob Chaplin, head of Skadden’s Financial Institutions Group in Europe, is joined by associate Olivier Peeters for a conversation about Solvency II’s requirements for asset and liability valuation. Rob and Oliver cover the general principles and specific rules for some balance sheet items and explore recent trends regarding investments into illiquid, or alternative, assets. 💡 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: Olivier Peeters What he does: Olivier advises insurers, brokers and private equity sponsors on mergers and acquisitions, disposals, investments, reorganizations, alternative transaction structures, multijurisdictional disputes and regulatory matters.  Organization: Skadden Words of wisdom: “Where quoted market prices are not readily available, insurers should be prepared to justify their valuation approach to the regulator. For insurers that routinely invest in illiquid assets, it may also be necessary to establish and document evaluation framework and relevant valuation procedures. This is particularly the case in a matching adjustment context.” Connect: LinkedIn Connect with Skadden☑️ Follow us on X & LinkedIn. ☑️ Subscribe to The Standard Formula on Apple Podcasts, Spotify, or your favorite podcast app. 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.

    18 min

  5. 29 JUL

    Governance Regulatory Compliance for Insurers

    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 Connect with Skadden☑️ Follow us on X & LinkedIn. ☑️ Subscribe to The Standard Formula on Apple Podcasts, Spotify, or your favorite podcast app. 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.

    15 min

  6. 27 JUN

    Using an Internal Model to Calculate Solvency Capital Requirements

    “Insurers are expected to hold eligible owned funds in excess of the Solvency Capital Requirement. There are two main methods of calculating the SCR under Solvency II, the standard formula and internal model methods.” In this episode of “The Standard Formula” podcast, Rob Chaplin, host and head of Skadden’s Europe Financial Institutions Group is joined by colleague George Belcher to discuss Solvency II’s internal models (IM). Despite a higher cost of development, IMs offer numerous benefits, such as more accurate risk sensitivity, more flexibility and more available data. Rob and George also explore partial IMs, changes to existing models, the PRA approval process and implications of the U.K.'s move away from EU Solvency II standards. 💡 Meet Your Host 💡Name: Robert Chaplin Title: Partner, Insurance at Skadden Specialty: Rob is the head of Skadden’s Financial Institutions Group in Europe. He 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: George Belcher What he does: George is European Counsel in the Financial Institutions and Insurance Groups at Skadden. He focuses on insurance-related public and private acquisitions and private equity investments, as well as regulatory issues in the insurance sector. He also frequently advises on matters related to Lloyd’s of London. Organization: Skadden Words of wisdom: “A firm may choose a partial IM where a particular aspect of its business does not fit well within the standard formula.” Connect with Skadden☑️ Follow us on Twitter & LinkedIn. ☑️ Subscribe to The Standard Formula on Apple Podcasts, Spotify, or your favorite podcast app. 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.

    13 min

  7. 29 MAY

    Dissecting the Solvency Capital Requirement

    “The Solvency Capital Requirement, or SCR, is designed to protect policyholders by helping to make sure that insurers can survive difficult periods and pay claims as they fall due.” In this episode of "The Standard Formula" podcast, Rob Chaplin, host and head of Skadden’s Europe Financial Institutions Group, is joined by colleague Will Adams as they take an in-depth look at the Solvency Capital Requirement, one of Solvency II’s most important and complex provisions. The discussion covers the SCR’s key features, risk modules, how it’s calculated and its relationship with the Minimum Capital Requirement (MCR). They also discuss the standard formula (for an in-depth discussion of technical provisions, listen to the previous episode). 💡 Meet Your Host 💡Name: Robert Chaplin Title: Partner, Insurance at Skadden Specialty: Rob is the head of Skadden’s Financial Institutions Group in Europe. He 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: Will Adams What he does: Will is a trainee solicitor in the Financial Institutions Group at Skadden. Organization: Skadden Words of wisdom: “The SCR can be calculated by either using the standard formula prescribed by the PRA rulebook and Solvency II, or by using a PRA-approved internal model bespoke to the company concerned.” Connect with Skadden☑️ Follow us on Twitter & LinkedIn. ☑️ Subscribe to The Standard Formula on Apple Podcasts, Spotify, or your favorite podcast app. 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.

    18 min

  8. 29 APR

    Solvency II Back to Basics: Technical Provisions

    “Technical provisions are crucial, as they form the fundamental basis for assessing the financial stability of insurance and reinsurance plans.” In this episode of “The Standard Formula” podcast, Rob Chaplin, host and head of Skadden’s Europe Financial Institutions Group, is joined by colleague Mary Bonsu. Rob and Mary delve into the complexities of technical provisions under Solvency II, shedding light on crucial elements such as best estimate of liabilities and risk margins. They discuss factors influencing these elements, such as financial guarantees, future management actions and risk-free interest rate term structures.The conversation also touches on methods to mitigate short-term volatility, and contrasts Solvency II with IFRS 17. 💡 Meet Your Host 💡Name: Robert Chaplin Title: Partner, Insurance at Skadden Specialty: Rob is the head of the Financial Institutions Group in Europe 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: Mary Bonsu What she does: Mary is a trainee solicitor in the Financial Institutions Group at Skadden. Organization: Skadden Words of wisdom: “Technical provisions can be seen as an insurer's main reserves.”  Connect with Skadden☑️ Follow us on Twitter & LinkedIn. ☑️ Subscribe to The Standard Formula on Apple Podcasts, Spotify, or your favorite podcast app. 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.

    15 min
See All (22)

Trailer

About

From Skadden, The Standard Formula is a Solvency Two podcast for UK and European insurance professionals. Join us as Skadden Partner Robert Chaplin leads conversations with industry practitioners and explores Solvency Two developments that matter to you. If you’re enjoying The Standard Formula, be sure to subscribe in your favorite podcast app so you don’t miss any future episodes. Additional information about Skadden can be found at Skadden.com. The Standard Formula is a podcast by Skadden, Arps, Slate, Meagher & Flom LLP, and Affiliates. Skadden is recognized for its deep experience in representing insurance and reinsurance companies and their advisers on a wide variety of transactional and regulatory matters. 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.

Information

  • Creator
    Skadden, Arps, Slate, Meagher & Flom LLP
  • Years Active
    2022 - 2024
  • Episodes
    22
  • Rating
    Clean
  • Copyright
    © Copyright 2024 Skadden, Arps, Slate, Meagher & Flom LLP
  • Show Website
    The Standard Formula

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