Own Solvency Capital Assessment (OSCA)

Requirements, Risks and Routes to Responses

15-07-2008

Early in 2008, the Guernsey Financial Services Commission (GFSC) issued a draft Guidance Note on "Own Risk and Solvency Assessment". A final version of this Guidance Note was issued in July 2008.

The Guidance Note confirms that boards of directors of insurance companies will have to document (with justification) their own view of an appropriate solvency margin requirement. The new requirement will be referred to as "Own Solvency Capital Assessment" (OSCA) and will be subject to an absolute minimum level calculated in accordance with schedule 2 of the Law, referred to as "Minimum Solvency Capital Requirement" (MSCR).

The OSCA will form part of the annual submission to the GFSC and will be effective for companies that have a year end on 30th September 2008 or thereafter.

BWCI Group gave a presentation on OSCA and ways of responding to its requirements on 15th July 2008 and the slides are attached.

If you have any questions on the slides then please contact Ian Morris or David Peel.


Download (.pdf) presentation.