FundsLibrary helps Solvency II clients address the demands of Europe with the addition of SCR calculations

FundsLibrary continues to evolve their Regulatory Reporting Services with the incorporation of indicative, standard formula SCRs (Solvency Capital Requirements) into Tripartite (TPT) reports produced through their Solvency II Manager Service Solvency II Manager Service. This latest enhancement has been developed in partnership with EY to ensure the integrity of calculations and market-leading quality. This functionality will be available in December for the November end reporting period.

FundsLibrary works closely with their Asset Management clients and the wider market to ensure services stay abreast of both regulation and market expectations. In line with regulatory change, more rigorous and detailed completion of the TPT is becoming the industry norm, driven by insurance firms who require more data in order to sufficiently meet their regulatory reporting obligations.

To ensure clients are able to respond to these demands, the development of the Solvency II Manager Service has included the provision of market-leading Look-Through technology, interface enhancements (enabling Fund Managers to provide more rigorous and detailed completion of the TPT reports), alongside the move to TPT v4.0 reporting and a commitment to respond to an ever changing regulatory environment.

More recently, Asset Managers are coming under increasing pressure from insurers to provide an indicative SCR calculation. Representing fields 97 to 105b within the TPT – SCR provision allows Insurers to gain a better understanding of their asset allocation and associated risk, in turn helping them to lower their capital requirements. For Asset Managers, it can improve the marketability of their funds to investors and is increasingly becoming a standard requirement in RFPs.

Arun Sarwal, CEO, FundsLibrary commented “At FundsLibrary we take genuine pride in the services we provide our clients. Listening to their requirements and understanding how we can support their distribution needs was a key driver in the development of our Solvency II Manager Service and we continue to develop it to make sure it delivers the best TPT in the market.

We were delighted to have collaborated with EY on the calculation engine. It continues our close relationship and lets us have complete confidence that we are able to provide our clients with a best of breed solution”.

Gareth Mee, Partner, EY Risk and Actuarial Services commented: “We’re really pleased to have worked with FundsLibrary on developing the SCR calculation engine which enable Asset Managers to more easily respond to the needs of the European Insurance Market, and ultimately should help its funds become more saleable”.

For more detail on how FundsLibrary can turn your  Solvency II reporting challenges into a competitive advantage please get in touch.

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All figures correct as at 31.12.2020.