Global Insurance Industry
11/20/2009 12:15:02 AM EST
EU: Third Set of Advice on Solvency II Level 2 Implementing Measures Released
On 2 November 2009, the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) released its third set of advice on Solvency II Level 2 implementing measures. The first set of advice was released on 26 March 2009 (available by clicking here) and the second set of advice was released on 2 July 2009 (click here for previous blog).
The third set of advice was developed on the basis of the Solvency II Level 1 text adopted by the European Parliament on 22 April 2009. The advice considers the key aspects regarding the future implementation of the Solvency II framework.
CEIOPS has called for comments on the consultation papers (CPs) from stakeholders which it will then consider before finalising the papers and submitting them to the European Commission.
CEIOPS highlighted a number of issues on which it was particularly keen to receive comments, specifically, the calibration of the SCR standard formula and the MCR (CP69 to CP74), the simplifications regarding the calculation of technical provisions and the SCR standard formula (CP76, 77 and 79) as well as partial internal models (CP65).
The deadline for comments is 11 December 2009. Comments must be made by using the template and instructions provided by CEIOPS (available by clicking on each CP).
For a full list of consultation papers published please click here.
© Copyright 2009 by Edwards Angell Palmer and Dodge LLP. All rights reserved. Reprinted with permission. This blog originally appeared on the InsureReinsure Blog. The InsureReinsure Blog is one of the Insurance Law Center’s Top 50 Insurance Blogs for 2009. The Top 50 Insurance Blogs may be found here. Create an account or login to post comments.