Artemis, BMO and Sanlam agree Solvency II services from FundsLibrary

  • Solvency II requires robust data provision systems
  • Time is running out – Solvency II compliance deadline 1st January 2016

SII Service from FundsLibrary

Fund Groups Artemis and BMO Global Asset Management (formerly F&C Asset Management) and international financial services group Sanlam have chosen FundsLibrary’s Solvency II Manager solution to provide their Solvency II reporting.

Amber Jefferis, Solvency II Analyst, FundsLibrary;

“Solvency II is a real challenge. Insurers and Fund Groups must ensure they have robust and timely data delivery mechanisms in place by 1st January 2016. Time is running out to put the correct distribution agreements in place. Insurers who are not yet compliant risk missing the deadline and facing the wrath of the regulator.

“If an Insurer is invested in a portfolio of funds and requires data on the specific holdings within those funds,” states Jefferis. “They would need to ensure that they have the correct distribution agreements in place with each Fund Group before they could report that data. And for each agreement they don’t have in place, there is a lengthy contractual engagement to go through.”

Solvency II requirements

The aim of Solvency II is to provide greater transparency amongst Insurers over the capital they hold in reserve. Ultimately it brings about much more stringent data reporting requirements for Insurers, with the task of providing this data falling in part to Fund Groups.

The key to this additional reporting is the look-through process, which peels back the layers of financial product wrapping to reveal the data at its most granular security level.

FundsLibrary’s solution brings together data from Fund Groups and selected third parties and by applying their own advanced data look-through and analysis expertise they are able to provide the required data outputs for Insurers to meet regulatory obligations.

FundsLibrary already has many of the required legal agreements in place and has been providing look-through data for more than 10 years.

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