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Regulatory obligations: 

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Solutions


Why use regulatory reporting software?

The insurance industry must comply with regulations, this is to ensure that they are acting with the best interests of the insured. Therefore, the companies must respond to numerous reporting obligations, mainly at the level of their continued solvency.

Three principal reasons justify the State’s tight control over the activity and financial health of the insurance companies:
  • the supplier’s stability, i.e. the insurer, on the long term: it must guarantee the insured of the service for which a premium was paid, sometimes for many years (reversed economical cycle)
  • the confidential relationship between the insured to the insurer
  • the essential social and economical role of the insurer, to ensure that its good reputation
Thus, rules were established so that insurances companies always adhere to the agreements they have contracted towards their insured. These rules are applied in France by the «Autorité de Contrôle des Assurances et des Mutuelles (ACAM) ».
ACAM is the French regulatory authority responsible for monitoring the insurance market and it replaces the former CCAMIP (Commission de Contrôle des Assurances, Mutuelles and Institutions de Prévoyance). It is an independent authority that regulates insurances companies.

What is Assuretat?

Each year, the ACAM request a complete report from insurers in order to ensure that they adhere to the applicable legislative dispositions and the contractual obligations that bind them to their adherents.

To address these regulatory obligations, Effisoft created Assuretat in 1989. By adopting it, insurance companies benefit from this continuously evolving, highly customisable software that can interface with all information systems of the market.

 The functions, advantages and technical characteristics of Assuretat

What is Valdys?

Valdys was created in order to address the new regulatory obligations for mutual funds, pension funding and insurance companies (Solvency II at the European level; decree 468, May 19th, 2008 for the implementation of internal control at the French level).

Valdys is an innovative software enabling, among other functions, the identification of risks, their evaluation, the definition of the appropriated control measures and the on-line declaration of events. The software also contributes to the production of regulatory deliveries.
Furthermore, the data centralisation and consolidation via intranets facilitates regular and complete reporting.

 The functions, advantages and technical characteristics of Valdys

What is DAS2?

Other regulations control the activities of insurance companies. The sector is for example a big consumer of services from external consulting firms. These contracts must be declared to the State using the form DAS2-T.

To simplify this task for insurers and allow them to automate this tedious process, Effisoft has developed software that enables insurers to fill out the form DAS2 quickly and efficiently.

The functions, advantages and technical characteristics of DAS2