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What are the EU’s new requirements for insurance and reinsurance undertakings? Hilary Evenett, insurance specialist and partner in the funds and investment management at Clifford Chance, says advisers should take particular note of the timetable for the approval process under the Commission’s implementing regulations.
Official Journal of the European Union, L76, 20 March 2015—Regulation—Insurance, LNB News 20/03/2015 85
Commission Implementing Regulation (EU) 2015/461, which came into force on 21 March 2015, lays down implementing technical standards with regard to the process to reach a joint decision on the application to use a group internal model in accordance with Directive 2009/138/EC (Solvency II).
Official Journal of the European Union, L76, 20 March 2015—Regulation—Insurance, LNB News 20/03/2015 83
Commission Implementing Regulation (EU) 2015/460, which entered into force on 21 March 2015, lays down implementing technical standards with regard to the procedure concerning the approval of an internal model in accordance with Solvency II.
What is the background to these implementing regulations?
The Solvency II framework Directive provides that insurance and reinsurance undertakings may use a bespoke internal model for the calculation of their capital requirements, instead o
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