EIOPA publishes a Discussion Paper on Investments

The European Insurance and Occupational Pensions Authority (EIOPA) invites
market participants and (re)insurance stakeholders to provide their
feedback on its "Discussion Paper on Standard Formula Design and
Calibration for Certain Long-Term Investments".

The European Commission (EC) requested EIOPA to examine whether the
calibration and design of regulatory capital requirements for insurers'
long-term investments in certain asset classes under the envisaged
Solvency II regime necessitates any adjustment or reduction under the
current economic conditions without jeopardising the prudential nature of
the regime.

EIOPA has already carried out an in-depth analysis of some of the asset
classes explicitly listed in the EC letter. The Discussion Paper
summarises EIOPA's preliminary findings and contains specific questions
to stakeholders.

EIOPA invites all interested stakeholders to provide their feedback. This
offers them an opportunity to inform EIOPA's further technical work on
these issues, in particular in relation to data limitations. The insights
gathered in this way will help EIOPA to produce a well-informed
recommendation on the review of the design and calibration of the standard
formula in relation to the asset classes considered. EIOPA will also look
at the influence that the maturity of insurance liabilities has on
regulatory capital requirements for long-term investments. Last but not
least EIOPA will analyse non-regulatory obstacles for long-term
investments by insurers.

The further research by EIOPA on long-term investments should lead to a
final report early July. This enables EIOPA to take full account of the
results of the Long-Term Guarantee Impact Assessment scheduled for the end
of June. Combining the results of these two important work streams allows
a full examination whether the regulatory framework of Solvency II should
be amended to facilitate long-term investments.

The period for providing comments will end on Tuesday, 28 May 2013. Earlier
responses are very much appreciated.

All contributions have to be provided in the dedicated template
(Link:
https://eiopa.europa.eu/consultations/consultation-papers/index.html ) and
are to be sent to the email address LTI{at}eiopa.europa.eu
(Link: LTI@eiopa.europa.eu ) under the heading 'Discussion
Paper'.

Please note that comments submitted after the deadline or not submitted on
the provided template cannot be processed.

The Discussion Paper can be accessed from the EIOPA website
(Link:
https://eiopa.europa.eu/consultations/consultation-papers/index.html ).




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