Deadline for response: 31 March 2021

To: AAE Risk Management Committee
 
The AAE Risk Management Committee is conducting a survey on Reputational and Conduct Risk.
This survey is aimed at assessing the already existing & potential reputational / fairness rules in Europe (and outside).

Your response would be highly appreciated. Please complete the survey before 31 March 2021 cob at the latest. 

If you have any questions, please contact Tomasz Kryłowicz at Tomasz.Krylowicz@allianz.pl. 

Kind regards,
Malcolm Kemp, Chairperson of the AAE Risk Management Committee

GOAL
  • To prepare the analysis of the "reputational risk & its mitigations in practice" supporting AAE members
  • Therefore this survey gathers information regarding
         - the aspects of the reputational issues considered in the 
            insurance industry
         - the solutions/rules used to mitigate the reputational risk across
           countries of Europe.

WHAT INFORMATION IS LOOKED FOR?
  • Please enter the rules or limitations used in the countries / industries of your involvement, which mitigate or limit reputational issues potentially generated by insurance / financial products.
  • For clarity please notice to provide the information on the country where a rule you describe applies
  • For each rule You describe a separate set of questions needs to be generated
  • Only main information on the rules are obligatory to fill in. Other are facultative

SCOPE COVERED:
Countries: All AAE member states - but also world wide - if known to the respondent.
Products: Insurance products are focal points - but also other (esp. Financial) are welcome - if relevant for the insurance industry.
Rules: Few types of potential rules (eg. any limitations, or gender equality in insurance pricing) were given in the list to choose from. However - please don't limit your response to the types listed.
Sources of Rule: Body or authorities which implemented / stipulated the given reputational rules.

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* 1. Please submit:
(Your personal data will be used for the purpose of this survey only)

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* 2. Please provide for what country your rule is applicable

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* 3. Types of rule:

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* 4. What is the name of your local rule?

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* 5. Please give a description of the rule.

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* 6. Scope of products:
If required - please specify details

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* 7. Sources / Author of Rule:
If required - please specify details

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* 8. Year implemented (also planned for future):

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* 9. Moment of assessment:
Moment of the product life the product is assessed vs the rule. E.g. before the implementation of the product; at the moment of sale; on annual basis at the anniversary

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* 10. Additional information regarding the reasons which stipulated the rule. Why it was implemented?

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* 11. Industry perspective:
What is the Industry current opinion on the rule? Its application & impact on the insurance market. E.g. prices distorted causing moral hazard or negative selection issues.

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* 12. Main Actuarial issues related:
What are the issues actuaries deal with the rule? Eg. Reserving issues, double / shadow accounting.

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* 13. Main risks related:
What are the main risks induced with/by the rule? Its application & impact on the insurance market. E.g. negative selection issues or bureaucratic burden for the companies and clients prevents innovation.

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* 14. Modelling Practice (capital, pricing, provision):
What are the main modelling issues actuaries deal with this rule? Eg. Lack of reliable data, time consuming calculations

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* 15. Is there anything else you wish to share?

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* 16. Do You want to add a description of an additional rule?

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