Meeting the Requirements of the Second Pillar under the Solvency II Directive

Course Outline

The aim of this course is to describe and discuss the impact of the upcoming Solvency II Directive with specific focus on the corporate governance and risk management requirements under the second pillar as applicable to Malta registered insurance undertakings. The sessions will also provide guidance on the Pillar 2 requirements for the governance and risk management of insurers, as well as for their effective supervision.
During the course, practical approaches and solutions in implementing the requirements of the Directive will also be discussed.

Who should attend

The course is suitable for Chief Risk Officers, Compliance Officers, Finance Directors, Risk Directors and Risk Managers, legal advisors and other professionals who are seeking a deeper knowledge and understanding of the upcoming Solvency II Directive and its implications to the Maltese insurance industry.


A certificate of attendance will be issued to all participants indicating the attended lectures. The course has been accredited with 8 hours of structured CPE and qualifies for the attainment of Professional Competencies in terms of the MIA CPE Regulations.

Venue and Dates

Institute of Legal Studies Tuition Centre,11/12 Vincenti Buildings, Strait Street, Valletta VLT1432 (the venue might change depending on the number of participants)

6th, 13th, 20th & 27th September, 2011

All sessions will be held between 1600 – 1800 hrs

Participation Fee

€240 including VAT; Cheques payable to Ganado Services Ltd;
Special Student Rate €80 including VAT;
ILS registration fees are smart card refundable upon presentation of VAT receipt to KSU Office


To apply kindly use our online registration form.

Programme :

Tuesday, 6th September, 2011 – Session 1 1600-1800hrs
Solvency II and an Overview of the Insurance Market in Malta
– a brief introduction on the Solvency II Directive and its implementation process both
in Malta  and in Europe, including latest developments in this field;
– an overview and analysis of the state of play of the insurance market;
– a brief overview and analysis of the way Solvency II will effect the industry in Malta
and the importance of the principle of proportionality.
Lecturers: Dr. Matthew Bianchi, Ganado & Associates, Advocates
Mr. Nigel Goodlad, Willis Management (Malta) Limited

Tuesday, 13th September, 2011 – Session 2 1600-1800hrs
Corporate Governance and the Internal Control System
(Arts.41,42,43 & 46 of the Directive)
– an overview of the importance of an internal control policy and compliance manual
(art. 41 and 46);
– an analysis and discussion of an outline compliance manual;
– a brief analysis and discussion regarding the composition of the Board of Directors and
the fit and proper requirements under the Directive (art. 42 and 43).
Lecturers: Mr. Mark Camilleri, Atlas Insurance
Dr. Elizabeth Ganado, Ganado & Associates, Advocates

Tuesday, 20th September, 2011 – Session 3 1600-1800hrs
The Risk Management System (Arts 41 and 44 of Directive)
– a discussion on the concept of Enterprise Risk Management (ERM) and its relevance
to the Maltese insurance industry;
– an overview of alternative risk models which may suitable;
– an analysis of risk management as a link between the quantitative requirements under
Pillar I and the qualitative requirements under Pillar II of the Solvency II Directive.
Lecturers: Mr. Antonio Vella, Marsh Management Services Malta Ltd.
Mr. Stephen Portelli, Marsh Management Services Malta Ltd.

Tuesday, 27th September, 2011 – Session 4 1600-1800hrs
The ORSA (Art. 45 of the Directive)
– an analysis of the main elements of the ORSA and current developments;
– a brief overview of a model ORSA including a comparison with similar documents under
other financial services legislation.
Lecturer: Dr. Chris Cachia, Ganado & Associates, Advocates

Image Salvatore Vuono /
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