30 March 2009

CEIOPS issues 12 consultation papers on Solvency II Level 2 implementing measures

CEIOPS released a number of consultation documents on its first set of advice on Solvency II - Level 2 implementing measures, including on the SCR standard formula, on own funds, the approval of internal models, and on special purpose vehicles.

CEIOPS released a number of consultation documents on its first set of advice on Solvency II - Level 2 implementing measures, including on the SCR standard formula, on own funds, the approval of internal models, and on special purpose vehicles.

 

Following papers are subject to consultation:

 

Methods and statistical techniques for calculating the best estimate

advice on actuarial and statistical methodologies for the calculation of the best estimate.

Consultation period: 1 April – 1 June

Consultation Paper

 

Segmentation

advice on minimum level of segmentation – ie. lines of business - that undertakings need to consider when calculating their technical provisions.

Consultation period: 1 April – 3 May

Consultation Paper

 

SCR Standard Formula -Counterparty default risk

give draft advice on the scope of the module and the calculation of the capital requirement for counterparty default risk.

Consultation period: 1 April - 1 June

Consultation Paper

 

Own Funds - Criteria for supervisory approval of ancillary own funds

provide a framework that specifies the criteria for granting supervisory approval.

Consultation period: 1 April - 1 June

Consultation Paper

 

Treatment of Future Premiums

recognition of an insurance or re-insurance obligation as well as on the boundaries of these obligations.

Consultation period: 1 April – 1 June

Consultation Paper

 

SCR Standard Formula - Allowance of financial mitigation techniques

develops the qualitative treatment of financial mitigation techniques.

Consultation period: 1 April - 1 June

Consultation Paper

 

Assumptions about Future management actions

propose a framework which identifies the circumstances in which it is appropriate for undertakings to take account of future management actions in the calculation of their technical provisions.

Consultation period: 1 April - 1 June

Consultation Paper

 

System of Governance

advice for Level 2 measures with regard to the System of Governance. It also includes material that could be considered for the future when developing Level 3 guidance. The text covers the most important issues to be regulated to ensure appropriate governance standards within insurance and re-insurance undertakings.

Consultation period: 1 April – 8 June

Consultation Paper

 

Transparency and Accountability

advice for Level 2 measures with regard to Transparency and Accountability, which provides that “the supervisory authorities shall conduct their tasks in a transparent and accountable manner with due respect for the protection of confidential information”. It also presents some ideas as to how the accessibility of information could be improved through Level 3 guidance.

Consultation period: 1 April – 8 June

Consultation Paper

 

Valuation of Assets and “Other Liabilities”

advice for Level 2 implementing measures with regard to the valuation of assets and liabilities other than technical provisions in accordance with Article 74 of the Level 1 text.

Consultation period: 1 April – 8 June

Consultation Paper

 

Special Purpose Vehicles

addresses the authorisation, regulatory requirements and scope of supervisory review that relate to the establishment of SPVs under Solvency II. It also includes material that could be considered for Level 3 guidance.

Consultation period: 1 April – 8 June

Consultation Paper

 

Procedure to be followed for the approval of an internal model

advice for Level 2 implementing measures with regard to the procedure to be followed for the approval of an internal model. Specificities related to the approval of group internal models as set out in Article 229 of the Level 1 text will be provided as an addendum to this Consultation Paper later in 2009.

Consultation period: 1 April – 1 June

Consultation Paper

 

CEIOPS will consult on two further sets of advice on Level 2 measures, foreseen to be released at the beginning of July 2009 and in autumn 2009.

 

Press release

Cover letter

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