Researchers Submit Patent Application, “System and Method for Complying with Solvency Regulations”, for Approval (USPTO 20160005111)

By a News Reporter-Staff News Editor at Politics & Government Week -- From Washington, D.C., VerticalNews journalists report that a patent application by the inventors Deshpande, Rahul Krishna (Bangalore, IN); Chandramohan, Muthuselvam (Chennai, IN); Sivasankaran, Prasanth Thoppil (Trivandrum, IN), filed on September 2, 2014, was made available online on January 14, 2016.

No assignee for this patent application has been made.

News editors obtained the following quote from the background information supplied by the inventors: "Solvency II is a set of insurance regulations for the 27 member states of the European Union, which mandates insurers to demonstrate they have robust risk and capital management strategies in place and imposes new corporate governance and reporting requirements on companies. The regulations seek to protect policyholders, ensure that the industry can withstand economic shocks, and protect the viability and stability of the economy in Europe. Other jurisdictions, such as the United States of America and Australia, are considering similar legislations for almost the same purpose.

"Many industry experts and analysts are of the opinion that Solvency II is not just a European insurance industry issue; it affects the entire global buy-side value chain. For example, whenever an insurance company outsources asset management to a third party investment manager, that investment manager may need to provide much of the data that the insurance company needs to meet its regulatory obligations. In turn, the asset servicing firms (such as custodian banks and fund administrators) that support the asset manager also will be called on to provide critical data inputs required by Solvency II. Thus, insurers, reinsurers and captive owners are facing enormous challenges in preparing for Solvency II or similar legislations of other jurisdictions."

As a supplement to the background information on this patent application, VerticalNews correspondents also obtained the inventors' summary information for this patent application: "Disclosed herein are apparatus and methods for complying with solvency regulations of one or more jurisdictions.

"In an aspect of the invention, the method, for complying with solvency regulations of one or more jurisdictions, comprises classifying financial data based on type of risk associated with the data and performing solvency gateway checks, based on solvency rules, to determine validity of the classified data for determination of risk. The method further comprises 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.

"In another aspect of the invention, a solvency compliance computing device that complies with solvency regulations of one or more jurisdictions is described herein. The solvency compliance computing device comprises 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, and perform solvency gateway checks, based on solvency rules, to determine validity of the classified data for determination of risk. The instructions, on execution, further cause the processor to 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.

"It is to be understood that both the foregoing general description and the following detailed description are exemplary and explanatory only and are not restrictive of the invention, as claimed.

BRIEF DESCRIPTION OF THE DRAWINGS

"The accompanying drawings, which are incorporated in and constitute a part of this disclosure, illustrate exemplary embodiments and, together with the description, serve to explain the disclosed principles. In the figures, the left-most digit(s) of a reference number identifies the figure in which the reference number first appears. The same numbers are used throughout the figures to reference like features and components. Some embodiments of system and/or methods in accordance with embodiments of the present subject matter are now described, by way of example only, and with reference to the accompanying figures, in which:

"FIG. 1 illustrates a network environment incorporating a solvency compliance computing device that complies with solvency regulations of one or more jurisdictions, according to some embodiments of the present subject matter.

"FIG. 2 illustrates an exemplary computer implemented method for complying with solvency regulations of one or more jurisdictions, according to some embodiments of the present subject matter.

"FIG. 3 is a block diagram of an example of a solvency compliance computing device that implements this technology as illustrated and described herein.

"It should be appreciated by those skilled in the art that any block diagrams herein represent conceptual views of illustrative systems embodying the principles of the present subject matter. Similarly, it will be appreciated that any flow charts, flow diagrams, state transition diagrams, pseudo code, and the like represent various processes which may be substantially represented in non-transitory computer readable medium and executed by a computer or processor, whether or not such computer or processor is explicitly shown."

For additional information on this patent application, see: Deshpande, Rahul Krishna; Chandramohan, Muthuselvam; Sivasankaran, Prasanth Thoppil. System and Method for Complying with Solvency Regulations. Filed September 2, 2014 and posted January 14, 2016. Patent URL: http://appft.uspto.gov/netacgi/nph-Parser?Sect1=PTO2&Sect2=HITOFF&u=%2Fnetahtml%2FPTO%2Fsearch-adv.html&r=2409&p=49&f=G&l=50&d=PG01&S1=20160107.PD.&OS=PD/20160107&RS=PD/20160107

Keywords for this news article include: Patents, Computers.

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