From Theory to Practice: The Prudent Person Principle in the Insurance Industry

Intake Opening Soon 12:00 - 14:00 Online

From Theory to Practice: The Prudent Person Principle in the Insurance Industry addressing the MFSA’s expectations

Description

This training session provides an overview of the Prudent Person Principle requirements emanating from the Solvency II Directive and Chapter 5 of the Insurance Rules. The session will set out key elements that are recommended to consider when carrying out assessments of whether an insurance undertaking conducts investments in line with the Prudent Person Principle. This training will also cover the guidelines which further clarify the Prudent Person Principle requirements as well as regulatory reporting obligations in terms of this area. Finally, it also captures an assessment of the overall prudence of the investment portfolio to assist you with ensuring security, quality, liquidity and profitability.

Course Topics

  • An overview of the Prudent Person Principle (“PPP”);
  • Assessing the overall prudence of the investment portfolio;
  • Other sources of information for PPP assessments;
  • Regulatory reporting obligations covering the Prudent Person Principle;
  • The Insurance Company’s investment framework and the governance aspects in relation to the investment process;
  • Key risk indicators.

Learning Objectives

  • Ensuring Compliance with Article 132 of the Solvency II Directive and Chapter 5 of the Insurance Rules;
  • Completeness of Regulatory reporting to be submitted to the Authority in so far as Investments in an Insurance Company are concerned;
  • Role of the Compliance Officer and Investment Committee members in terms of the investment process and decision making;
  • Developing an early warning system.

Target Audience

  • Compliance Officers
  • Investment Committee members
  • Directors tasked with the oversight responsibility of the Investment Committee
  • Risk Officers
  • Other relevant resources involved in the Company’s investment process (CFO)

Assessment Questions and Answers

In line with MFSA requirements, a short multiple-choice assessment will be provided by the trainer towards the end of the session. A Certificate of Attendance will be awarded to all students who attend the CPD (duration will be included on certificate). A Certificate of Achievement will be awarded to those who sit for the assessment and are successful (pass mark 60%)

 

Testimonials

Good 2 hours and knowledgeable presenter

R.Vassallo
2024

Trainers

Jessica Stivala, B.Com(Honours), FCCA, FIA, CPA

Jessica Stivala is an accountant by profession specialising in Insurance Regulatory as a consultant in her personal capacity, also serving as an Independent Non-Executive Director on the board of a regulated Insurance Company.

She previously worked with the Malta Financial Services Authority within the Insurance and Pensions Supervision function between 2012 and 2021, during which time she held the position of a Senior Manager since 1 January 2018. She has been involved in and led onsite inspections, desktop reviews, analysis and investigations, predominantly as part of the supervision of the insurance market. Additionally, she has served on a number of MFSA cross-sectoral working groups, worked on policy papers and participated in EIOPA’s committees and Expert networks in the areas of Governance, Insurance risk management, reporting, financial quantitative requirements, audit and accounting. Prior to joining the Authority, she held the position of an Assurance Senior with a Big Four firm wherein she has gained professional experience in auditing. Jessica is a Qualified Public Accountant and holds a Bachelor (Honours) degree from the University of Malta as well as a Masters Degree in Accountancy. She is also a Fellow Member of the Malta Institute of Accountants.

 

I'm interested in this course

If you are interested to join this course when the intake is open please fill in the form below.

Why Choose Us

MITC is made up of a close-knit team with a real passion for learning and insurance, who believe in the continuous development and empowerment of individuals through learning. We understand all of the nuances and challenges that come with insurance training and, that is why we’re here to help you get your training right.

Our courses are developed following in-depth research and consultation on the subject matter and the related market, thus ensuring participant needs are met. All our trainers are experts in their field and actively contribute towards the continuous development of the courses which they deliver.

Our training services are accredited by the Malta Further and Higher Education Authority (MFHEA) and the European Qualifications Framework platforms. MITC’s homegrown insurance programmes are recognised by the renowned Chartered Insurance Institute, UK.

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