Solvency II aims to improve the management and regulation of the insurance industry by the use of risk based management on assets and liabilities. This is an interdisciplinary task for Board and Management of any insurance undertaking. Actuaries are experts in insurance risks and contingent risk theories; they are able to apply actuarial theories to other relevant risks as e.g. financial risks, market risks, credit risks, enterprise risk and operational risk theory. Their contribution to interdisciplinary risk based solvency management is important in many aspects and has to be combined with risk based business models, financial reporting and controlling issues used by the industry and the supervisors.

The measurement of the financial position and risk profile of any insurance entity and the validation against an actuarial, industry or regulatory benchmark means to compare models, of standard or entity specific shape. Internal Models may improve the measurement of the financial position and the risk profile of an entity by introducing entity specific environment and risk management governance; they may also improve the stability of the insurance markets (e.g. by avoiding systemic risk) and foster the transparency for users of financial information.

Therefore, the use of internal models (for parts of the Solvency II process or for the mapping of the complete risk management process) is an important decision in the governance of any insurance company.

The target of our seminar is to provide theoretical and practical knowledge concerning theory, use and implementation of Internal Models in Solvency II.