Introduction: Starting the Solvency II Journey
Solvency II: The journey so far
Internal Models and Solvency II
Review of the Capital Adequacy Framework in Singapore
Insurance Liabilities Under IFRS 4 Phase II and Solvency II: Almost the Same Thing?
Solvency II and Mutual Insurance Companies
The Journey Towards an Approved Internal Model
The Road to Solvency II for a Life Insurance Company
Managing Model Risk
Solvency II and Reinsurance
ORSA: A Forward-looking Approach to Risk and Capital Management
Risk Governance: A Framework to Support Better Decision-making and a Journey Towards Continuous Improvement
Operational Risk and Solvency II: A Practitioner Perspective
Reporting Challenges under Solvency II: The Allianz Experience
The Audit of Solvency II Information
The Holistic Balance Sheet: A Different European Approach for Pension Funds?
Capital for Operational Risk: Some Fundamental Flaws
Reputational Risk: Success is Trust-dependent
This chapter aims to provide a concise overview over the reporting requirements under the third Pillar of Solvency II and related implementation challenges. It starts with a short introduction about Allianz and its Solvency II programme, and also explains the reporting landscape prior to the launch of the Pillar III project. The chapter then offers a short overview over the specific Pillar III reporting requirements, describing the quantitative reporting templates as well as the narrative reports and comments on their characteristics. The next section focuses on the practical Pillar III implementation at Allianz, related challenges and how they were overcome – starting from a description of the IT target architecture, before explaining the new reporting solutions and their implementation, and finally illustrating the new reporting process. The chapter concludes with a short section highlighting the current status and next steps.
ALLIANZ AND ITS SOLVENCY II PROGRAMME
Solvency II has been a challenge for Allianz Group – as for many other insurers – although, for Allianz, this has been aggravated by the scale and diverse nature of the group. Allianz is among the top 20 of the world’