CEIOPS consults on a series of 16 papers covering the calibration of both SCR (solvency capital requirements) and MCR as well as simplifying technical provisions and dealing with internal models.
CEIOPS released for consultation the third set of Advice developed on the basis of the Solvency II Level 1 text adopted by the European Parliament on 22 April 2009. The Consultation Papers provide advice on key aspects for the future implementation of the Solvency II framework. The issues are interlinked although they are presented in separate Papers and reference is being made to the previous sets of Advice.
CEIOPS invites comments from stakeholders on the Consultation Papers and annexes.
CEIOPS will finalise the Papers for submission to the European Commission, taking into account the comments received and the lessons learned from the crisis. CEIOPS will make all comments available on its website, except where respondents specifically request that their comments remain confidential.
CEIOPS would like to highlight, inter alia, some areas in its Consultation Papers on which comments and concrete input and proposals from stakeholders are especially welcomed. CP69 to CP74 cover the calibration of the SCR standard formula and the MCR while CP76, 77 and 79 cover the simplifications regarding the calculation of technical provisions and the SCR standard formula. CP65 covers partial internal models. In general, CEIOPS also expects views of stakeholders not only on the advice
The following Papers are subject to consultation:
1. CEIOPS-CP-63/09 Draft L2 Advice on repackaged loans investment
2. CEIOPS-CP-64/09 Draft L2 Advice on the extension of the recovery period – Pillar II
3. CEIOPS-CP-65/09 Draft L2 Advice on partial internal models
4. CEIOPS-CP-66/09 Draft L2 Advice on the group solvency
5. CEIOPS CP-67/09 Draft L2 Advice on SCR Standard Formula and Own Funds - Treatment of Participations
6. CEIOPS-CP-68/09 Draft L2 Advice on SCR Standard Formula and Own Funds - Treatment of Ring Fenced Funds
7. CEIOPS-CP-69/09 Draft L2 Advice on SCR Standard Formula – Design of the Equity Risk Sub-Module.
8. CEIOPS-CP-70/09 Draft L2 Advice on SCR Standard Formula – Calibration of Market Risk
9. CEIOPS-CP-71/09 Draft L2 Advice on SCR Standard Formula – Calibration of Non-Life Underwriting Risk
10. CEIOPS-CP-72/09 Draft L2 Advice on SCR Standard Formula – Calibration of Health Underwriting Risk
11. CEIOPS-CP-73/09 Draft L2 Advice on MCR – Calibration
12.CEIOPS-CP-74/09 Draft L2 Advice on SCR Standard Formula – Correlation Parameters
13. CEIOPS-CP-75/09 Draft L2 Advice on SCR Standard Formula – Undertaking Specific Parameters
14. CEIOPS-CP-76/09 Draft L2 Advice on Technical Provisions – Simplifications
15. CEIOPS-CP-77/09 Draft L2 Advice on SCR Standard Formula – Simplifications
16. CEIOPS-CP-79/09 Draft L2 Advice on simplifications for captives
Deadline for comments is 11 December 2009.
© CEIOPS
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