Middlesea Insurance plc’s head of internal audit James Vella has joined the Mapfre Solvency II Internal Audit Technical Committee. His membership was approved during the Internal Audit Global Technical Committee meeting in Madrid.
The Solvency II Internal Audit Technical Committee is composed of high profile members of the internal audit profession within the Mapfre Group, of which Middlesea Insurance is a subsidiary.
The committee aims to prepare Mapfre’s internal audit function for the upcoming legislation of Solvency II. Its main function is to establish the main guidelines and strategies to be followed by the internal audit function to ensure adherence to Solvency II provisions. The committee will also present all regulatory changes relating to the Solvency II Directive communicated by the European regulators (EIOPA).
Members will also discuss and review the calculation of solvency capital and assess the systems of governance in place.
The committee will also discuss and review the work of internal auditors relating to Solvency II.