Today, the European Insurance and Occupational Pensions Authority (EIOPA) launched a consultation paper on its first set of advice to the European Commission on the Solvency II review. The main goals of the review are to ensure a proportionate and technically consistent supervisory regime for (re)insurance undertakings and to look for possible simplifications in the Solvency Capital Requirements standard formula as well as to ensure the proportionate application of the requirements.
The consultation paper includes EIOPA's advice on a number of items that are in the scope of the two calls for advice received from the European Commission: simplified calculations, reduction in reliance on external credit ratings, treatment of guarantees, exposure guaranteed by a third party and exposures to regional governments and local authorities, risk-mitigation techniques, undertaking specific parameters, look-through approach on investment related vehicles and information on loss-absorbing capacity of deferred taxes.
EIOPA invites stakeholders to provide their feedback to the proposed draft advice planned to be submitted to the European Commission in October 2017. The consultation period ends on Thursday, 31 August 2017, the date the feedback has to be received. Comments submitted after the deadline or not submitted on the provided template cannot be processed.
Details
- Publication date
- 4 July 2017