Halloween is the time when monsters emerge and nightmares become reality—and a first glance at the Solvency II Pillar III Quarterly and Annual templates will certainly quicken the heartbeat and bring on the night shivers!
However like all nightmares once one wakes up and looks at these forms in more detail, reality sets in.
An analysis of the forms will show that a significant part of the information requested should already be readily available for captives and is probably already being supplied to regulators through the Annual Business Forms. However, discussions with your fund manager will be necessary to ensure the required look through on investment funds is satisfied.
The trick really will be to ensure that all data is maintained as centrally as possible and on the proper platform to guarantee the most efficient extraction.
The treat will be a restful night without any tricks next Halloween!
|This post was part of the special feature about Our Scariest Risks, published October 29, 2012. The feature also included these other risks:|
Guest blogger Elizabeth Carbonaro, FCCA FIA CPA, is an account director with Willis Management (Malta) Limited. She has 25 years of accounting experience, the latter 12 years in the incorporation and management of a number of captives and insurance companies operating out of Malta. Elizabeth is a member of Willis Captive Practice Solvency II Working Group, specialising in engineering captive responses to the challenges of Pillar 3.