Milestones achieved by the Shanghai Ace Solutions working team in C-ROSS Pillar One reports during the “transitional period” September 2013-2016

• A Model For Ever With Many Impressive Talents In Loving Memory of Terry Moe
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• We respectfully inform that The C-ROSS Pillar One reports for the transitional period were developed under the hard work and wisdom of the honorable CBIRC working team, the expertise of the Mainland's property and casualty insurers, life insurers and reinsurers and industry players, as well as social forces.
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• All have made a great contribution to the insurance industry. XMaster and the Shanghai Ace Solutions working team are lucky to be invited to participate in the development of such reports It’s responsible for the specific generation of the C-ROSS Pillar One reports for the transitional period and together with CBIRC, co-owns the copyright to the calculation system for 62 C-ROSS Pillar One reports.
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• The Shanghai Ace Solutions working team sincerely feels grateful, and cherishes the chance to participate in the development of such reports to win honor for the country, and wins the glorious task of international esteem!
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• It is the great honor of Shanghai Ace Solutions to be a member of the CBIRC's C-ROSS Pillar One report team for the transitional period! All of us at Shanghai Ace Solutions are grateful to the CBIRC for this glorious, once-in-a-century opportunity to learn and grow! The process to participate in the task is a reward to them.
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• Let XMaster reporting tools, a great creation of Terry Moe and Baoni Shen, flex its muscles and showcase its flexibility and strength in its functions!
• History is the most important part of culture! Milestones are part of our corporate culture!
• The true stories of our company are recorded in whole. We make a report with the deepest respect to CBIRC’s leaders and supervisors, industry leaders, experts and players who provided opportunities, offered advice and gave recognition to XMaster, the Shanghai Ace Solutions working team, and the two founders Baoni Shen and the deceased Terry Moe, as well as all the colleagues who fought and are fighting for the dream of Shanghai Ace Solutions.
• Meanwhile, let us remember and mourn the deceased.
• 2020 marks the 10th anniversary of the death of Terry Moe, the former general manager of Shanghai Ace Solutions. We record the milestones achieved during the “transitional period” for the use of C-ROSS Pillar One reports to remember, mourn and comfort Shen’s love, and at the same time to celebrate XMaster reporting tool, the joint creation of Terry Moe and Baoni Shen and the following achievements of the Shanghai Ace Solutions work team: 1. participated in the development of the reports; 2. CBIRC and Baoni Shen share the copyright: on the calculation system for 62 C-ROSS Pillar One reports. With this article, we reminisce Terry Moe, and commemorate the undying love between Terry Moe and Baoni Shen. Meanwhile, with more duties to fulfill and more wishes to realize, we will keep up the good work.
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• Baoni Shen: Bachelor of Science in Computer Science degree (Honours) from King's College London, University of London
• 1. Graduate certificate

• 2. Certificate of completion

• https://olympics.com/en/athletes/bao-ni-shen
• Find out more about Bao-Ni SHEN, see all their Olympics results and medals plus search for more of your favorite Sport Heroes in our
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• 3. Olympic swimmer at the 1968 Mexico City Olympics. Records available on the International Olympic Committee website (https://olympics.com/en/athletes/bao-ni-shen) and Wikipedia.
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• 4. Gold medalist at the 1971 Tokyo Asian Junior Age Group Swimming Championships, defeating Singaporean swimming champion Patricia Li-Yin Chan in Chan’s last international swimming competition before Chan’s retirement. A high-stakes event, Baoni won by a fraction of a second, and Chan accepted her silver medal with tearful devastation.
• The above information was extracted from the internet.

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• Terry Moe: 
• 1. Bachelor of Science (Honours) with High Distinction in Computer Science, King's College London, UK.

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• 2. Bachelor of Arts with Honours in Financial Accounting, Middlesex Polytechnic, UK.
• Note: Middlesex Polytechnic was later renamed as Middlesex University.

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• 3. In 1970 and 1971, captain of the Rugby Team B at St. John's Boys High School, Kuala Lumpur, Malaysia.
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• Originality 1: copyright on the calculation system for 62 C-ROSS Pillar One reports jointly owned by CBIRC and Baoni Shen
• Originality 2: copyright on the review system for 62 C-ROSS Pillar One reports and cross reports owned by Baoni Shen (copyright registration No.: 2016SR211096)
• Originality 3: copyright on the innovative XMaster reporting tool owned by Baoni Shen (copyright registration No.: 2016SR268890)
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• Originality 2: “Shanghai Ace Solutions’ review system for C-ROSS Pillar One (the first pillar report of China Risk Oriented Solvency System)” reports was registered by Baoni Shen in 2016.

• Originality 3: “The XMaster reporting tool” was registered by Baoni Shen in 2016.

• Origin:
• At CBIRC’s regular insurance meeting in Xishuangbanna in 2008, following the regulator’s chairman and leaders, Shanghai Ace Solutions was the first software company that was invited to deliver a speech and demonstrate how to use XMaster to automatically generate reports under the first-generation solvency system. After watching a demonstration of the XMaster reporting tools to generate Solvency I reports by Terry More and Baoni Sheng, the CBIRC leader said. "Very Impressive! " He has been impressed with the Shanghai Ace Solutions work team ever since. (See details in the following document in 2008.)
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• Shanghai Ace Solutions unveiled a solution of generating reports under the first-generation solvency system with use of XMaster in 2008.

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• The “transitional period” for the use of C-ROSS Pillar One reports Major events in 2013 Pages 20-21
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• CBIRC’s leader visited Shanghai Ace Solutions for the first time in mid-September 2013 and inquired about the company’s working team to assist the CBIRC working team in developing C-ROSS Pillar One reports with use of Baoni Shen’s innovative XMaster (copyright registration No.: 2016SR268890).
• After discussions with the CBIRC leader on various aspects such as time frame, product development without reimbursement, and availability of other vendors, Baoni Shen, General Manager of Shanghai Ace Solutions, felt it was her bound duty, considering:
• 1. Baoni Shen and Shanghai Ace Solutions both are heirs of the “dragon”. For unity.
• 2. the CBIRC leader paid a visit in person with an invitation! So, she agreed to take up the challenge without hesitation. One week after the leader’s visit, the Shanghai Ace Solutions working team organized a trip to CBIRC’s Beijing bureau and actively assisted the CBIRC working team in doing the specified jobs and tasks assigned in the policy about popularization of C-ROSS Pillar One reports during the three-year “transitional period”. Shanghai Ace Solutions was readily at service and showed up on site in a timely manner to cooperate with the CBIRC's working team on C-Ross Pillar One reporting during the "transitional period" to revise the calculation rules based on the results of the industry tests. From November to December 2013, the Shanghai Ace Solutions working team didn’t fail the expectations under the guidance and instruction of the CBIRC’s leaders and supervisors, industry leaders and experts, and with the help of the XMaster reporting tool, managed to satisfactorily complete the important task entrusted by the CBIRC's C-Ross Pillar One reporting team during the "transitional period". The important task was: to test the data of the ten P&C insurers selected by the CBIRC for the "transitional period" of the C-Ross Pillar One reporting. The CBIRC's working team on C-Ross Pillar One reporting during the "transitional period" was very satisfied with the results of the online testing of these ten nominated P&C insurers. At the end of the year, the CBIRC leader visited Shanghai Ace Solutions again to praise the reporting tools and the team in person. He also said that after this successful local and small-scale test for P&C insurers, the CBIRC team can confidently turn to Shanghai Ace Solutions for the upcoming test for all general insurers nationwide. The visit motivated and encouraged Shanghai Ace Solutions. It was a common recognition, endorsement, and decision made by the leaders and mentors from CBIRC and leaders and experts from the industry after the partial test.
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• The “transitional period” for the use of C-ROSS Pillar One reports Major events in 2014 Pages 23-32 
• On 12 March 2014, the CBIRC leader visited Shanghai Ace Solutions’ office for the third time to once again validate the flexibility, resilience and autonomy of the XMaster reporting tool.
• The leaders praised and encouraged Baoni Shen, the General Manager, and the Shanghai Ace Solutions work team, saying that they would strongly recommend Shanghai Ace Solutions once the project was completed.
• The CBIRC working team recognized XMaster and the Shanghai Ace Solutions working team and determined to continue using XMaster as the reporting tool for the submission of C-ROSS Pillar One reports in Excel during the “transitional period." Shanghai Ace Solutions is the only software supplier of the reporting tool and the calculation system.
• It again emphasized that CBIRC and Shen share the copyright on the calculation system for C-ROSS Pillar One reports, and informed the Shanghai Ace Solutions working team that the CBIRC team would continuously keep close contact with the latter and take charge of the discussion, design, building, and calculation formula development, etc. Moreover, the leader invited Shen to attend a training session about reporting the test data for the verification of C-ROSS standards in May-June 2014 (For details, please refer to the following Annex 2 for 2014: P27-P33 )
• At the end of April 2014, the data reported in December 2013 was first used by Shanghai Ace Solutions as the test data for the calculation rules of the C-Ross Pillar One Reporting for P&C insurers, and was tested internally by CBIRC. After the test went smoothly, it was conducted on P&C insurers.
• The Shanghai Ace Solutions working team helped the CBIRC working team concretize regulations on risk management in the P&C insurance industry at the end of April 2014, within the deadline designated by the CBIRC working team. This is the first milestone it achieved.
• In May 2014, the CBIRC working team further modified the reports submitted by P&C insurers at the end of April. Shanghai Ace Solutions made active responses and completed the request on time. For a description of the complexity of the C-Ross Pillar One reporting developed, please refer to the following 2014 Annex 1 for: P25-P26
• Shanghai Ace Solutions assisted the CBIRC working team in completing the development of the calculation template for P&C insurers’ C-ROSS Pillar One reports and the verification of the reports and cross reports at the end of June 2014.
• P&C insurers successfully received and sent C-ROSS Pillar One reports in Excel in July 2014 The CBIRC working team requested the Shanghai Ace Solutions working team to cooperate with life insurers to run an industrial test on C-ROSS Pillar One reports.
• The Shanghai Ace Solutions working team developed the calculation formula for life insurers’ C-ROSS Pillar One reports and completed the verification of the reports and cross reports with Shen’s innovative XMaster in October 2014 (copyright registration No.: 2016SR211096).
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• 2014 Annex I Description of “calculation complexity” of C-ROSS Pillar One reports “Calculation complexity” of C-ROSS Pillar One reports: 
• I. Complexity of reporting framework
• (1) In terms of functions, 62 reports can be divided into main statements and annexed tables.
• (2) In terms of contents, 62 reports can be classified into three types of reports about premium and reserve risk, market risk and credit risk respectively.
• II. Complexity of calculation logic Different calculation methods are used for different reports, for example
• (1) Regression method is used to calculate the minimum capital for premium and reserve risk.
• (2) Factor method is used to calculate the minimum capital for market risk and credit risk. For each investment assets, their minimum capital is finally calculated by their category.
• (3) the minimum capital for premium reserve risk, market risk and credit risk, minimum capital is obtained.
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• 2014 Annex II 
• At the invitation of the CBIRC leader, Baoni Shen, General Manager of Shanghai Ace Solutions, attended CBIRC’s Normative meeting of property insurance data on the first pillar report of China Risk Oriented Solvency System on June 4, 2014.
• Shanghai Ace Solutions is the only software supplier invited to attend the meeting.

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• During the meeting, the Chairman delivered a keynote speech, after which he introduced Baoni Shen and Shanghai Ace Solutions. They are the only software supplier that is responsible for the generation of C-ROSS Pillar One reports.
• He praised the Shanghai Ace Solutions working team for its assistance in the submission of P&C insurers’ C-ROSS Pillar One reports in Excel with XMaster and the company’s 30+ years of experience. It is one of the most important backbones for the CBIRC working team to successfully receive and send C-ROSS Pillar One reports for the first time.
• So, he invited Shen and her working team to attend the meeting and recognized and commended them.
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• June 4, 2014 CBIRC held a Normative meeting of property insurance data on the first pillar report of China Risk Oriented Solvency System Shanghai Ace Solutions is the only software supplier that is responsible for the generation of C-ROSS Pillar One reports during the “transitional period." 
• The following are selected photos of the meeting held by the CBIRC working team on June 4, 2014:

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• The “transitional period” for the use of C-ROSS Pillar One reports , Description of significant events for Ace Solutions in 2015 Pages 34-38 
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• At the beginning of 2015, the Shanghai Ace Solutions working team helped the CBIRC working team develop 58 C-ROSS Pillar One reports for life insurers and the first draft of 56 reports for reinsurers.
• In early May 2015, the Shanghai Ace Solutions working team invited representatives from P&C insurers, life insurers, and reinsurers to attend a presentation for C-ROSS Pillar One reports. See details in the following two photos.
• Photo 1:

• Photo 2:

• Photo 3:

• The Shanghai Ace Solutions working team developed the calculation template for reinsurers’ C-ROSS Pillar One reports and finished the verification of data in the reports with Shen’s innovative XMaster in May 2015. (copyright registration No.: 2016SR211096).
• On May 7-14, 2015, the Shanghai Ace Solutions working team received 62 C-ROSS Pillar One reports in Excel from each out of the around 158 P&C insurers, life insurers and reinsurers with the help of XMaster at the office of the CBIRC working team and sent them to the latter. It also reported the logs containing logic verification results of C-ROSS Pillar One reports from the 158 insurers to the CBIRC working team.
• On December 15, 2015, the CBIRC working team called the Shanghai Ace Solutions working team and requested the latter to modify 15 drafts according to new needs and requirements. Meanwhile, the modifications of 15 reports had to be completed two weeks later (the end of December), and the logic for 62 reports had to be rechecked. A test must be conducted at the same time.
• C-ROSS Pillar One reports in Excel have already been in use across the Mainland.
• The Shanghai Ace Solutions working team again fulfilled the important task handed by the CBIRC working team as scheduled.
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• The “transitional period” for the use of C-ROSS Pillar One reports, Major events in 2016 Page 40 
• On January 20, 2016: the CBIRC working team sent an email to requested the Shanghai Ace Solutions working team to assist it in adjusting the template for review of quarterly C-ROSS reports.
• In January 2016, Shanghai Ace Solutions worked immediately and assisted the CBIRC's C-Ross Pillar One report team for the "transitional period" to complete the revision of 15 statements.
• On 22 January 2016, Coco Shen, a member of Shanghai Ace Solutions' working team, replied to Mr. Cui's email on needs for adjustments to quarterly review template.
• The Shanghai Ace Solutions working team went to the premise of CBIRC and assisted the CBIRC working team in receiving and verifying the Q4 2015 C-ROSS Pillar One reports in Excel from 158 P&C insurers, life insurers and reinsurers on January 26-28, 2016.
• In 2016, the CBIRC working team continued using Shen’s innovative XMaster until the end of the “transitional period”.
• C-ROSS Pillar One reports began to be submitted in XBRL format in April 2016.
• (1) Each insurer can have its reports verified three times at most, otherwise it will face a point deduction penalty.
• (2) The reporting system verifies data in each report, and figures including basic factor RF0 and characteristic coefficient K must be provided.
• The focus has shifted from the calculation of data in reports under the first-generation solvency system to a high level of control, including risk control and decision analysis, for C-ROSS reports.
• XMaster and the Shanghai Ace Solutions working team cherish the chance and thank the CBIRC working team of C-ROSS Pillar One reports for its training and recognition.
• It is a rare and unprecedented opportunity for a software firm to learn and grow.
• XMaster and the Shanghai Ace Solutions working team are very grateful to CBIRC’s leaders and supervisors, industry leaders and experts, as well as insurers and their employees for their recognition, guidance, advice, support and encouragement during the three-year “transitional period."
• With the innovative concept of XMaster reporting tool developed by Baoni Shen, the CBIRC's C-Ross Pillar One team for the "Transitional Period" was able to concretize the reporting concept into statements.
• From 2013 to 2016, after countless tests and actual operation of reports generated by XMaster, the Shanghai Ace Solutions working team modified the design and building of calculation formula and the format of reports in a very short time as required by the CBIRC working team.
• Although it is a tough task, the Shanghai Ace Solutions working team has never made the following two mistakes about Shen and her late husband Terry’s innovative XMaster during the three-year “transitional period”:
• i. The use of C-ROSS Pillar One reports has never been forced to be delayed due to the failure to make timely modifications within the required timeframe to XMaster as announced in statements.
• ii. The submission of C-ROSS Pillar One reports from insurers to the CBIRC working team has never been suspended due to the failure of XMaster.
• It proves the Shanghai Ace Solutions working team’s ability in electronic information integration and service and the level of its integration and service.
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• XMaster and the Shanghai Ace Solutions working team won honor for the country. 
• Congratulations 
• As the CBIRC working team achieved remarkable results in the popularization of C-ROSS Pillar One reports, shocking the global insurance sector the Institute and Faculty of Actuaries (IFoA) elected Zhao Yulong, a deputy director general of CBIRC, as honorary fellow on April 28, 2016. Zhao is the first Mainland official who won the honor.

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• Note 1: The CBIRC leader pointed out that there was already a software product called XMaster in the UK and suggested that Shanghai Ace Solutions changed its name to avoid confusion and dispute. As a result, Shanghai Ace Solutions has changed the name of its XMaster reporting tool to AtomXMaster reporting tool.
• Note 2: Available online: the website of Shanghai University of Finance and Economics
• https://sa.sufe.edu.cn/e5/c6/c2759a58822/page.htm
• If there is any objection, please contact Shanghai Ace Solutions, who will deal with it according to law.
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• Shanghai Ace Solutions congratulates Director Zhao Yulong on his award, and is honored to be involved in the "transitional period" of the CBIRC's C-Ross Pillar One reporting.
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