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Implementation of the training seminars for the supervisory authority and insurance undertakings in January 2011

In January 2011, next 3 training modules in the field of Solvency II Directive have been successfully implemented; addressed both at the representatives of the Polish Financial Supervision Authority and the Polish Ministry of Finance and insurance undertakings. The training seminars were carried out by the international experts Mr. Philipp Keller (Partner at Deloitte, Zurich) and Mr. Gerhard Stahl. The last course on the insurance mediation, carried out by dr Marcin Orlicki, has been finalized. There were also 2 courses on the financial mediation implemented for the employees of the Polish FSA.

Implementation of the training seminars for the supervisory authority and insurance market participants

In December 2010, 3 training modules have been successfully implemented; addressed both at the representatives of the Polish Financial Supervision Authority and institutions cooperating with the Polish supervisory in the field of insurance market. The representatives of the Ministry of Finance, Polish Insurance Chamber and Insurance Guarantee Fund as well as the employees of the Polish FSA participated in the high evaluated training on insurance mediation carried out by dr Marcin Orlicki. Moreover, there have been successfully implemented training seminars for the PFSA professionals on directives MIFID and UCITS (carried out by the experts of German supervisory authority – BaFin), on directives MIFID and IMD (carried out by the expert of Deloitte Poland – Mr. Paweł Dziekoński) and workshop on Generalized Linear Models (carried out by the expert – Ms. Katrien Antonio).

The contractors of next project activities selected

As a result of the carried out tender procedures the contractors of next projects activities (foreseen tot be carried out in December 2010 and January 2011) have been selected. In particular the training on internal models of insurance undertakings and insurance groups under the Solvency II Directive (including Generalized Linear Models) shall be carried out by Ms. Katrien Antonio (Katholieke Universiteit Leuven, Belgium). Furthermore, the selected contractor – Mr. Marcin Orlicki (expert in the field of financial market, incl. insurance sektor), will be responsible for carrying out 2 training modules as well as for drawing up evaluation study and expert study on financial and insurance intermediaries. Due to i.a. specialized scope of trainings the tender procedures have been much more time-consuming than planned. Currently, there are still ongoing the tender procedures regarding the last two of 26 planned training modules.

Summary of the 12 month project implementation

Till the end of September 2010, 16 training modules (all-in 26 training cycles) have been carried out successfully within the project implementation. The contractors of the next 5 trainings have been selected and the tender procedures regarding the last 5 modules are ongoing.  

The next training session on Solvency II for the insurance undertakings carried out!

In August 2010 the next training module regarding Directive Solvency II was successfully carried out within the project implementation. The training was organized in 2 cycles addressed respectively at the employees of the insurance undertakings operating on the Polish market and the employees of the Polish Financial Supervision Authority and Ministry of Finance. The trainings carried out by the international experts - Mr. Philip Keller, Partner, Deloitte Switzerland and Mr. Adam Smith, Partner,  Deloitte Great Britain - were highly evaluated by the participants. The information on the next training sessions can be found in the updated training schedule. The participation in trainings is possible on the base of the invitations provided by the Polish FSA before particular training events.

The international experts will carry next 4 training modules in 2010 and 2011!

We are please to inform that the contractors of the next 4 training modules have been selected: BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht) and Mr. Gerhard Stahl.

The first training sessions for the insurance undertakings initiated!

In July 2010 the first two training modules regarding Directive Solvency II addressed at the employees of the insurance undertakings operating on the Polish market were successfully carried out within the project implementation. The trainings carried out by Philip Keller and other Deloitte experts were warmly welcomed by the participants. The information on the next training sessions can be found in the updated training schedule. The participation in trainings is possible on the base of the invitations provided by the Polish FSA before particular training events.

The contractor of the next 6 training modules selected

As a result of the carried out tender procedure, the PFSA selected the Deloitte Advisory in Poland as a contractor of the next 6 training modules on the Solvency II Directive. The detailed scope of the particular trainings will be adjusted according to the needs of two groups of participants – the employees of the insurance undertakings and the PFSA and Ministry of Finance. The trainings will be conducted by the international expert – Mr. Philipp Keller in cooperation with supporting training experts – Mr. Andrew Smith or the experts of Deloitte in Poland. The implementation of the above training activities is planned from July 2010 to January 2011 in line with the updated training schedule.

Project implementation: April – May 2010

In April 2010 the employees of the Polish Financial Supervision Authority and Ministry of Finance participated in two carried out trainings on securitisation and on risk in internal model of the insurance undertakings. The training were highly evaluated by the participants (the average mark over 5 in 6-points scale). The training materials are made systematically available for defined group of recipients through the project portal at the end of each month. The public procurement procedures regarding selection of the contractors of other training modules, are ongoing or in preparation to be executed in June 2010.

Reporting and supervision of the project implementation

The Polish Financial Supervision Authority, the beneficiary of the Norwegian Financial Mechanism provides information on the progress of project implementation and incurred expenses on regular base to the Intermediate Body in the Ministry of Foreign Affairs. Till 21 May 2010 the first annual report and project implementation report covering year of 2009 were approved by the Ministry of Foreign Affairs, as well as the quarterly report for the period January - March 2010. The next project implementation report has been under verification process within the Intermediate Body. As soon as the project implementation report is approved both by the Polish side and the Financial Mechanism Office in Brussels, the 85% of the incurred qualified costs is refunded to the Polish State Treasury.

Implementation of the project within the first quarter of 2010

Since January 2010, 156 employees of the Polish Financial Supervision Authority were trained in the field of estimation of internal/economic capital by the banks and investment firms; stress testing and validation of credit risk models while carried out 3 of 9 trainings foreseen within the first group of trainings for the PFSA employees (trainings no 1 - 9, indicated in the schedule of trainings).

Current activities in the Project PL0435

In December 2009 the first training seminar on EEC regulations regarding social security schemes was carried out by the experts of the Swedish Social Insurance Agency (Försäkringskassan). 21 employees of the Polish FSA were trained.

The implementation of the project PL0435

The implementation of the project PL0435 started in September 2009.

The preparatory work and procedures aimed at selection of the Contractors of the particular project activities has been carried out within the period September – November 2009.


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