Regulatory Affairs
Confidently and effectively optimize capital allocations and rating plans with RMS models, designed to meet the quality requirements of heavily regulated insurance markets.
Partner With Reliable Experts
Whether you are a (re)insurer, broker, rating agency, or insurance regulator, you can trust that RMS models provide high‑quality analytical insight and are designed with the required levels of quality and support in mind. This is crucial for meeting the standards under Europe’s Solvency II, U.S. regulatory reporting (including RBC and ORSA), state-specific ratemaking approvals such as the Florida Commission on Hurricane Loss Projection Methodologies, or IAIS’s new ICS framework.
(Re)insurers and Intermediaries
Whether you are subject to Solvency II reporting, specific U.S. state insurance department submissions, or other regulatory requirements – we understand that a quality model, detailed documentation, and validation efforts are key. We are here to support you throughout the process.
Financial Supervisors and Regulators
Model approval processes require your attention to detail. RMS is here to directly provide you with the necessary information and subject matter expertise on emerging risks that may cause you concern.
Rating Agencies
Modeled output is only as good as its underlying data – you appreciate that as well as we do. We are here to help you understand what sits behind the input feeding your rating assessments.
What Can You Expect From Us?
A Specialized Team
Leverage our specialized RMS government and regulatory affairs team that understands the insurance‑specific regulatory landscape and maintains direct contact with supervisory agencies such as EIOPA, various national supervisors, the NAIC, individual state insurance departments, and rating agencies, as well as RMS regulatory advisers such as Greenberg Traurig and Kearney, Donovan, and McGee, P.C.
Solvency II Documentation
In a highly regulated industry, count on RMS products to be fit for purpose: quality, up to date, and with the right features for model validation. Most importantly, the necessary model insight, in the form of specific Solvency II documentation, all available on our client portal.
U.S. Catastrophe Model Approvals
We help you meet the standards required for the model approval process. RMS can provide information on documents to submit with rate filings, ORSA submissions, and RBC calculations. We can also assist with state‑specific model approvals such as the Florida Commission on Hurricane Loss Projection Methodologies, Louisiana hurricane interrogatory, and South Carolina questionnaire.
Spotlight
Climate Change
In 2021, climate change is a priority for regulators worldwide. RMS closely follows and actively collaborates on many initiatives.
Bank of England:
- Upcoming Climate Biennial Exploratory Scenario
- Published guidance on how to approach and address climate-related financial risks together with the jointly established Climate Financial Risk Forum (CFRF)
- Release a framework for assessing financial impacts
Climate Change
EIOPA:
- Climate change‑related public consultations
- Sensitivity analysis of climate change‑related transition risks, specifically referring to the latest RMS study on future European flood risk
IAIS:
- Draft Application Paper on the Supervision of Climate-Related Risks in the Insurance Sector will be playing a key role to help ensure some level of consistency across the globe, and the various approaches will offer leeway
Florida Commission on Hurricane Loss Projection Methodologies
The 2021 submission window for hurricane loss projection methodologies is well underway. Initial submissions have been provided to the Florida State Board of Administration (SBA). (Contact the SBA for in-progress versions of all modeler submissions.) The professional team will be on-site during the month of April, and final acceptability under the 2019 Hurricane Standards should be coming by May 2021.
RMS Wildfire Model Report in Collaboration with NAIC-CIPR and IBHS
Wildfire losses in the U.S. have been increasing sharply over the past few years, and RMS has been deeply engaged with the regulatory community to provide insight and analytics to tackle this growing problem.
Download the white paper coauthored by the NAIC’s Center for Insurance Policy Research, RMS, and IBHS to explore the benefits and costs of wildfire resilience strategies in the western U.S., and how economically effective wildfire risk reduction measures could be applied in the context
Stress-Test Resources
RMS regularly collaborates on developing insurance stress tests and provides readily available instructions to complete them with RMS solutions.
Learn More About RMS Regulatory Affairs
