Invitation to a
Hungarian Actuarial Society Seminar

Seminar title:	ICA in the UK and Solvency2
Language:	English
Date:	12/12/2006
Place:	Auditorium of the Hungarian Financial Supervisory Authority (Budapest, Krisztina krt. 39.)
Registration fee:	HUF 20 000
Program:
8:15 - 8:30 Registration
8:30 - 12:00 Kathryn Morgan: ICA in the UK and Solvency2, non-life
•	Implementing ICA for a non life company writing personal lines
•	Problems of implementation
•	Added value
•	Building on that system to anticipate Solvency2
•	Foreseeable problems
•	Advantages
12:00 - 13:00 Lunch
13:00 - 16:30 David Hare: ICA in the UK and Solvency2, life
•	The "old" UK solvency regime and why it had to be replaced 
•	The Pillar 1 approach introduced with effect from 31/12/2004 (known as "realistic reporting" or "twin peaks") and some of the challenges and benefits to firms which it brought 
•	The Pillar 2 calculation approach introduced at the same time (Individual Capital Assessment) and what the FSA mean by "embedding the ICA in the business" 
•	The FSA's approach to supervision of life firms (ARROW visits) and what it is like for a UK life firm to be supervised in this way 
•	Case study of Standard Life's internal model and the steps we have taken to embed the ICA in the business 
•	Implications for Solvency II and what the key issues going forward will be

Kathryn is Chief Actuary for the General Insurance business of Co-operative Financial Services and is responsible for pricing, reserving, capital management and risk management.  In her career so far, she has worked for five different general insurance companies in areas as wide-ranging as marketing, project management and actuarial.
Kathryn has worked on a variety of GI actuarial research papers, including on marine insurance, equalisation reserves, measuring competitiveness and commercial insurance.  She chairs the UK actuarial profession group on Solvency 2 and represents the Institute of Actuaries on the Groupe Consultatif Insurance Committee.  Kathryn also sits on the General Insurance Board of the UK actuarial profession and is president of the North West Actuarial Society.  She recently co-authored a paper for the International Congress of Actuaries about new and old style actuaries.
Currently she is researching Enterprise Risk Management for general insurers.

David has over 19 years of experience in the insurance industry.  He has worked for Standard Life since 1997 and is currently Senior Actuarial Manager, Development, within the UK & Europe life and pensions operation, where he reports to the chief actuary and acts as his deputy on technical matters.  Among his specific responsibilities is to lead Standard Life’s work to prepare for Solvency II.
He qualified as an actuary in 1988 and continues to be very active in the UK actuarial profession.  He is currently an office bearer (Honorary Secretary) of the Faculty of Actuaries and is one of the representatives of the UK Actuarial Profession on the Insurance Committee of the Groupe Consultatif Actuariel Européen.  He has authored a number a publications, including "A market-based approach to pricing with-profits guarantees” and “The realistic reporting of with-profits business”.
He is a member of various industry committees and Solvency II working parties, including those of the ABI, FSA and HMT in the UK, and is the leader of the UK Actuarial Profession’s Solvency II life working group.
He is an experienced conference speaker, both in the UK and abroad.