Ferma background

Track: Education

Day 1 3 October 2016


16:30 — 17:15 Education

Insurance Captives and cells in Malta

Since its membership in the EU, Malta has endeavored to create a flexible, innovative and cost-effective insurance hub offering a comprehensive range of solutions beyond traditional set ups to more innovate structures. Insurance activity accounts for a sizable portion of financial services sector in Malta. Following the launch of Solvency II earlier this year, this session offers risk managers some practical insight from two difference perspectives as to how local companies have navigated through the challenges presented and benefited from the risk based Directive.   ORGANISATIONAL TRANSFORMATION BEFORE AND BEYOND SOLVENCY II – Dorothy Kim Vella This session sets out to address how an insurer owned by a motor vehicle financing company and domiciled in Malta has approached a full scope Solvency II implementation and describes the trans formative process resulting in optimised processes, stronger governance and reinforced risk awareness. Participants will be taken through the maturity cycle of the Company’s risk management framework resulting from its obligations under Solvency II by addressing the following areas: • How did the Company leverage on existing processes and governance structures to address the new regulatory regime during the preparatory phase of solvency II? ˗ Organisation of key functions and governance bodies ˗ Evolutions in the board agenda ˗ Policies and documentation ˗ Reporting and disclosures • How did the Company evolve its existing practices to reap benefits from the ERM principles underpinning the Directive? ˗ Reinforcement of three lines of defence model and risk culture ˗ Reaping cross functional synergies ˗ Using the ORSA in strategic decision making ˗ Engraining risk appetite and tolerance levels into day to day operational processes ˗ Understanding and refining own assessment of capital requirements • What are the ongoing challenges and what opportunities have been identified during this journey?   EU PROTECTED CELLS – CHALLENGES AND OPPORTUNITIES UNDER SOLVENCY II – Ian-Edward Stafrace The number of new protected cells being set up far outgrows those of standalone captives and insurers in most countries worldwide including Malta. We will explain how such differ from standalone entities and why are companies turning to such structures especially under Solvency II. • What are Protected Cell Companies (PCCs) and Protected Cells and how are these structured? • As an EU onshore jurisdiction what particularly differentiates Maltese PCC regulation? • What kind of businesses are using Maltese Insurance PCCs and how? • How are these treated under Solvency II and what challenges and benefits have these seen in terms of capital, governance and reporting requirements?
14:30 — 16:00 Education

ILS & Reinsurance Innovation (other participants category)

Innovation is a vital element in transitioning through the current reinsurance market challenges. Insurance Linked Securities (ILS) are an innovative way for reinsurance risk to be transferred to the capital markets. Malta is the only full EU jurisdiction which allows for both Reinsurance Securitisation Vehicles (RSPVs) and Securitisation Cell Companies (SCCs) for ILS transactions. This development has paved the way for the establishment in Malta of the first Solvency II compliant SCC platform in the EU. This panel aims at discussing product innovation, providing practical information about insurance and reinsurance securitisation and how these apply to Malta’s securitisation offering. The discussion will revolve around the following topics:  
  • How securitisation of insurance risk works - the main structures
  • The development and current trends in securitisation of reinsurance risk
  • The features of recent securitisation deals of insurance risk by corporations and Government entities
  • Future possibilities for the securitisation of insurance risk
  • Why Malta is a domicile of choice for structuring securitisation transactions
  • The legal framework and tax rules for Maltese securitisation vehicles, including the unique provisions of Malta's Securitisation Act and Reinsurance Special Purpose Vehicles (RSPVs) Regulation
  • Recent legislative developments, including the recent introduction of regulations for SCCs
  • The provision of insurance management services in an ILS context
  • The benefits of Maltese securitisation vehicles to originators and investors in the ILS sector

Day 2 4 October 2016


10:00 — 10:45 Education

European Risk & Insurance Report - Summary

11:15 — 12:15 Education

European Risk & Insurance Report - Interactive Session

15:15 — 16:15 Education

Cyber Security Risk - Quo Vadis Risk management & Insurance Market?

Cyber Security Risk is not a new major threat to businesses. However, digitalization, technology and related risks such as Intellectual Property, Reputational or Branding Risk are intangible, rather abstract and often the new territory for risk managers - until a severe incident occurs. Grasping the idea of digitalization and disruptive technology is crucial if your organization, enterprise or corporation is to prosper and not just to bleed. Our interactive workshop focuses on artificial intelligence based on real incident simulation, a powerful combination to help participants achieve a bespoke organization, enterprise and corporation understanding and alignment - and points out ways to address the relevance of fundamental questions such as:
  • Which attacks are most likely and what are the potential impacts?
  • Are there the appropriate capacities, capabilities and the right strategy to defend strategically and operationally against such attacks?
  • How can you help top management understand their fiduciary duties concerning Cyber Security Exposure?
  • What are recovery capacities, what is most valuable and what is most vulnerable?
  • What value can bespoke risk transfer bring to the table?
  • Wher can pitfalls lay in the claims process?
Digitalization triggers unparalleled change and challenges. Often emerging technology (e.g artificial intelligence) is faster advancing than governments, regulators, insurers and corporations can foresee and react resulting into massive uncertainties, potential liabilities, intellectual property or unprecedented security, date privacy and intangible assets (brand/reputation/theft) issues. Foreseeing such change is no longer something that can be left to organizations, enterprises and corporations risks, legal and IT security teams independently.  It is fundamental to understand and appreciate both risks and opportunities accross the wider organization and collaboratively, most important on board level and in a holistic form.
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