Consultation on standard formula capital requirements for insurers' direct exposures to qualifying central counterparties

On 30 April 2024, the European Commission requested from EIOPA technical advice on the standard formula capital requirements for exposures to qualifying central counterparties when undertakings become direct clearing members.

So far, EEA insurance and reinsurance undertakings have engaged with CCPs indirectly as clients, through the intermediation of a clearing member. Solvency II has included a specific treatment for indirect clearing for derivatives that was introduced in 2019. A specific treatment for direct clearing was not introduced. The Consultation Paper discusses different options to account for insurers' direct involvement in CCPs.