The objectives of this Working Party are to look at the potential implications and issues for the management of unitised business, including:
- liquidity risk management
- the impact of changes in assumptions for future profits affecting the technical reserves
- mismatches relative to accounting liabilities
- resulting change in risk profile - potential major change to internal model?
- impact on reinsurance treaties (both inwards and outwards)
- any restrictions in policy conditions
- impact on markets if significant disinvestment takes place.
Under current regulations, close matching means that companies typically hold assets equal to the full face value of units or apply actuarial funding techniques. Under the proposed Solvency II regulations, technical reserves will tend to be less than the face value of units.
- the working party is aiming to undertake a survey in early 2015
- final output TBD.
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If you want more information about this research working party please contact the Communities Team.
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