EIOPA consults on its first set of advice on the Solvency II review
04 July 2017
The review aims 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 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 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:
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simplified calculations, reduction in reliance on external credit ratings, treatment of guarantees, exposure guaranteed by a third party and
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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 by Thursday, 31 August 2017.
Second set of advice on the Solvency II Review – By the end of the year EIOPA will issue its second consultation paper with the following items to be reviewed:
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risk margin, own funds, policy options on loss-absorbing capacity of deferred taxes, catastrophe risks, premium and reserve risks, mortality and
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longevity risks, counterparty default risk, currency risk at group level, interest rate risk, simplifying look-through, unrated debt, unlisted equity and strategic participations.
EIOPA's second set of advice will be submitted to the European Commission by February 2018.
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Consultation paper
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