CHAIRMAN’S CLOSING REMARKSICA MODELLING WORKING PARTY NEXT STEPS

ICA WP NEXT STEPS 2006

G.I.Board request to continue our work:Capturing best practice ideas as experience emerges“Wiki” to become a living document

2006 is the year of Solvency II:CEIOPS and CEA models published“Wiki” to become a living documentQIS2: SCR formulaeRisk margins in technical provisions

ICA WP NEXT STEPS 2007 & BEYONDEconomic capital:Market consistent liabilities: realistic balance sheetEmbedded value principlesCost of capital consistent with financial markets

Parameter risk

Seeking volunteers for new WP members:Andrew Hitchcox continuing as Chairman3 members standing down due to pressure of workBeware: reasonable effort required