Mutuelle du Personnel IBM has expanded its relationship with CACEIS, entrusting it with look-through reporting, data enrichment and calculation of the gross market solvency capital requirement for the portfolios already held under custody by the asset servicing group.
In 2014, the health insurance scheme assigned CACEIS the task of conducting securities valuations and ancillary accounting for its assets.
To comply with the forthcoming transparency and reporting obligations imposed by Solvency II, insurance companies and schemes require their asset servicing partners to provide high quality reports on their investments.
CACEIS’s comprehensive look-through system produces a data reporting file in the Club AMPERE format and calculates gross market solvency capital requirement totals. Insurance companies and schemes can generate statutory quarterly reports and calculate their SCR by the imposed deadlines.
Frédéric Bocher, head of administration and finance at Mutuelle du Personnel IBM, commented: “We chose CACEIS to help us deal with Solvency II issues as we already had experience of their approach to custody and valuation services.”
Joseph Saliba, deputy CEO in charge of business development at CACEIS, commented: “CACEIS has developed the necessary expertise and technical capacity to provide insurers and management companies with high-quality data.”
He added: “Mutuelle du Personnel IBM can count on CACEIS to ensure that its transparency obligations are met.”
