CLIAMS:We claim:
1. A solvency compliance system, for complying with solvency regulations of one or more jurisdictions, the solvency compliance system comprising:
a processor;
a memory communicatively coupled to the processor, wherein the memory stores processor-executable instructions, which, on execution, cause the processor to:
classify financial data based on type of risk associated with the data;
perform solvency gateway checks, based on solvency rules, to determine validity of the classified data for determination of risk;
aggregate the validated data based on at least one aggregation level; and
compute the solvency risk, based on risk computation rules, associated with the aggregated data.
2. The solvency compliance system as claimed in claim 1, wherein the instructions, on execution, further cause the processor to generate a schematic layer to facilitate generation of schematic reports, based on the computed solvency risk.
3. The solvency compliance system as claimed in claim 1, wherein the instructions, on execution, further cause the processor to generate solvency compliance report based on at least one of a user-defined template and a template provided by a regulator of the one or more jurisdictions.
4. The solvency compliance system as claimed in claim 1, wherein the instructions for classifying the financial data, on execution, further cause the processor to group the data into at least one of data subjected to market risk, data subjected to counterparty default risk, data subjected to life underwriting risk, data subjected to non-life underwriting risk, data subjected to health underwriting risk, data subjected to operation risk, asset liability management risk, and data subjected to market consistent balance sheet.
5. The solvency compliance system as claimed in claim 1, wherein the instructions, on execution, further cause the processor to :
receive a new set of solvency rules, wherein the new set of solvency rules is associated with the jurisdiction;
update an existing set of solvency rules with the new set of solvency rules on determining solvency compliance requirements of the jurisdiction to be already defined in the system;
store the new set of solvency rules on determining solvency compliance requirements of the jurisdiction not to be defined in the system; and
update at least one of the solvency gateway checks or the risk computation rules, based on the new set of solvency rules.
6. The solvency compliance system as claimed in claim 5, wherein the instructions, on execution, further cause the processor to:
at least one of generate or update the template provided by a regulator of the jurisdiction; and
generate a solvency compliance report based on the at least one of the generated or updated template.
7. A computer implemented method for complying with solvency regulations of one or more jurisdictions, the method comprising:
classifying financial data based on type of risk associated with the data;
performing solvency gateway checks, based on solvency rules, to determine validity of the classified data for determination of risk;
aggregating the validated data based on at least one aggregation level; and
computing the solvency risk, based on risk computation rules, associated with the aggregated data.
8. The method as claimed in claim 7, wherein the method further comprises generating a schematic layer to facilitate generation of schematic reports, based on the computed solvency risk:
9. The method as claimed in claim 7, wherein the method further comprises generating solvency compliance report based on at least one of a user-defined template and a template provided by a regulator of the one or more jurisdictions.
10. The method as claimed in claim 7, wherein the classifying further comprises grouping the data into at least one of data subjected to market risk, data subjected to counterparty default risk, data subjected to life underwriting risk, data subjected to non-life underwriting risk, data subjected to health underwriting risk, data subjected to operation risk, asset liability management risk, and data subjected to market consistent balance sheet.
11. The method as claimed in claim 7, wherein the method further comprises:
receiving a new set of solvency rules, wherein the new set of solvency rules are associated with the jurisdiction;
updating an existing set of solvency rules with the new set of solvency rules on determining solvency compliance requirements of the jurisdiction to be already defined in the system;
storing the new set of solvency rules on determining solvency compliance requirements of the jurisdiction not to be defined in the system; and
updating at least one of the solvency gateway checks or the risk computation rules, based on the new set of solvency rules.
12. The method as claimed in claim 7, wherein the method further comprises:
at least one of generating or updating the template provided by a regulator of the jurisdiction; and
generating a solvency compliance report based on the at least one of the generated or updated template.

Dated this 07th day of July, 2014

Shwetha A Chimalgi
Of K&S Partners
Agent for the Applicant
,TagSPECI:Technical Field
The present subject matter relates to compliance systems, and, particularly but not exclusively, to systems and methods for compliance with solvency regulations of one or more jurisdictions.