Frankfurt, 31 October 2014 – The European Insurance and Occupational Pensions Authority (EIOPA) has submitted
today to the European Commission (EC) for endorsement the first set of draft Solvency
II Implementing Technical Standards (ITS).
The current ITS define the processes for approval of the Internal Models, Matching
Adjustment, Ancillary Own Funds, Undertaking4Specific Parameters and Special Purpose
Vehicles as well as the joint decision process on Group Internal Models. The ITS
are addressed both to undertakings and national supervisors. Their purpose is
to guarantee that (re)insurers present all information that is necessary for supervisors
to give a legally certain and prudentially sound approval of key elements of Solvency
II.
The EC has to endorse the Implementing Technical Standards within 3 months. Following
endorsement, the ITS will be translated into all official EU languages and will
become legally binding.
Gabriel Bernardino, Chairman of EIOPA, said: “These ITS pave the way for riskbased
approval processes reflecting the nature, scale and complexity of the risks attached
to the insurers’ business ensuring a convergent approach throughout Europe.
I would like to thank EIOPA’s Insurance and Reinsurance Stakeholder Group and
all other participants in the public consultation for their valuable input. Your
feedback provided us with important guidance on how to make the ITS prudentially
sound”.
In addition, as part of its transparency policy, EIOPA is publishing the Final
Report on the public consultation regarding this first Set of Solvency II ITS,
which includes an Impact Assessment, the resolution of comments of stakeholders,
and, in particular, the Opinion of EIOPA’s Insurance and Reinsurance Stakeholder
Group. All the documentation can be viewed on EIOPA’s website: http://goo.gl/EdSBcl
Note for Editors:
Solvency II introduces economic risk4based capital requirements across all EU Member States
for the first time. It replaces 14 existing directives (commonly referred to as
'Solvency I'). The new rules also place greater emphasis on risk management and
introduce stricter requirements on the public disclosure of certain information.
The Solvency II regulatory phase consists of different levels of rules:
Implementing Technical Standards define forms, templates and procedures for specific areas under Solvency II.
They do not imply strategic decisions or policy choices. EIOPA is exercising the
power to draft the ITS according to its Founding Regulation (1094/2010) and based
on the empowerments introduced by the Omnibus II Directive.
The European Insurance and Occupational Pensions Authority (EIOPA) was established on 1 January 2011 as a result of the reforms to the structure
of supervision of the financial sector in the European Union.
EIOPA is part of the European System of Financial Supervision consisting of three
European Supervisory Authorities, the National Supervisory Authorities and the
European Systemic Risk Board. It is an independent advisory body to the European
Commission, the European Parliament and the Council of the European Union.
EIOPA’s core responsibilities are to support the stability of the financial system,
transparency of markets and financial products as well as the protection of insurance
policyholders, pension scheme members and beneficiaries.
https://eiopa.europa.eu/publications/technical-standards/draft-implementing-technical-standards-on-the-supervisory-approval-processes-for-solvency-ii/index.html