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Steven Francis, a partner in the financial services group at Baker & McKenzie LLP, takes us through first set of Solvency II Guidelines issued by the European Insurance and Occupational Pensions Authority (EIOPA) which are currently out for consultation.
National Competent Authorities are provided with guidance on what insurance or reinsurance undertakings they should consider in order to approve the use of an internal model for the calculation of the Solvency capital requirement, under new guidelines being consulted on by EIOPA. EIOPA is inviting comments on the first set of guidelines and their impact assessment for Solvency II. The proposed guidelines have been developed based on European Parliament and Council Directive 2009/138/EC (known as Solvency II) and the current Commission Delegated Acts containing the draft implementing measures. Comments on the proposals should be received by 29 August 2014.
How are the guidelines being consulted on?
The guidelines are to be found on EIOPA’s website. There is a comments template that should be used. A point to note is that firms commenting should make it clear whether they wish the comments to be confidential. General comments can also be provided.
What does the consultation paper on pillar 1 guidelines cover?
The consultation on pillar 1 requirements covers:
What does the consultation paper on internal models guidelines cover?
The internal models guidelines aim to provide guidance on the steps supervisory authorities and (re-)insurance
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