Fifth Step Bermuda is set to explore how failure to prepare for Solvency II could damage Bermudian companies’ ability to write re/insurance in the EU.
Darren Wray, the chief executive officer of Fifth Step, a provider of IT strategic consulting services, will lead the free information session.
The session will cover topics ranging from the potential consequences of non-compliance, how global governance is changing the responsibilities of senior management, the background to Solvency II, global governance, data, IT general controls, audit and scrutiny changes for Solvency II.
“There are significant issues related to Solvency II non-compliance for all Bermuda-based companies that want to, or are already, writing business in Europe, especially if they want to establish an EU presence via opening an office or making an acquisition,” said Wray. “These consequences extend to reputational damage, regulatory fines, increases in capital requirements, revoking of operating licenses and of course the inability to expand client footprint in the region,” he added.
“Bermuda has yet to ratify Solvency II equivalence but this does not mean that companies on the island are not impacted by Solvency II. They are,” Wray warned.
Stephen Bull, managing director of Fifth Step Bermuda, added: “Data, and the management and control of it, are key for Solvency II compliance. Data quality and the measurement of this and of course data security are all fundamental, as is maintaining the appropriate level of history that shows all the relevant checks and balances.”
Fifth Step, Solvency II, Bermuda, Insurance, Reinsurance, Europe, Darren Wray, Stephen Bull