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Solvency II: Healthcare

Milliman's UK health consultants understand the unique reporting requirements for health insurers operating in the UK and other member countries of the European Union.

Our experts were actively involved in the development of Solvency II and have assisted clients with the quantitative impact studies guiding this regulation's development. With consultants based in markets throughout western and southern Europe, we can offer insight into the country-specific Solvency II implementation issues health insurers face.

Internal capital model expertise

Our UK team offers insight to health insurers contemplating whether it will be a worthwhile use of their time and resources to construct an internal capital model to satisfy Solvency II requirements. We offer expertise in assessing the best methods for a particular health insurer's situation. If a capital model proves the best option, we possess extensive experience in constructing robust internal capital and risk management models for Solvency II compliance.

Outsourcing of the Chief Actuary and Actuarial Function

Our UK team also possesses the expertise to perform the Chief Actuary role and coordinate the calculation of the technical provisions (TPs) as part of the Actuarial Function. In our capacity as Chief Actuary, we are also responsible for overseeing the assessment of methodologies and assumptions used in the calculation of the TPs. In addition, we also assist in the drafting of the underwriting policy, reinsurance arrangements and opinion on the risk management system, all summarised in the annual report. Our role with the Actuarial Function also includes identifying any deficiencies related to these tasks and providing recommendations.

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