1. CHAIRMAN’S CLOSING REMARKS ICA MODELLING WORKING PARTY NEXT STEPS

2. 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 document  QIS2: SCR formulae  Risk margins in technical provisions

3. ICA WP NEXT STEPS 2007 & BEYOND Economic capital:  Market consistent liabilities: realistic balance sheet  Embedded value principles  Cost of capital consistent with financial markets Parameter risk Seeking volunteers for new WP members:  Andrew Hitchcox continuing as Chairman  3 members standing down due to pressure of work  Beware: reasonable effort required