EIOPA develops a Common Application Package for Internal Models

The European Insurance and Occupational Pensions Authority (EIOPA) has
published today its Opinion on the Use of a Common Application Package for
Internal Models.

The Opinion is a response to the concerns from EU insurance groups about
the diversity of information provided by undertakings in order to get
approval to use an internal model under the Solvency II framework.

To avoid diverging national solutions and promote consistent supervisory
practices, EIOPA has developed a common application package to be used by
insurers while applying for the use of internal models. The package will
help insurers to understand the granularity of documentation and evidence
that is required for the application. It will also help National Competent
Authorities (NCAs) to carry out the required completeness check once an
application is received.

EIOPA expects NCAs to recommend that insurers use the package when
submitting the documentation that is needed to demonstrate compliance with
the requirements relevant to the use of internal models.

The package is composed of a template and an accompanying explanatory
document. It is being sent to the NCAs that will consult the respective
insurance groups and after EIOPA receives their feedback, it will be made
publicly available.

Click here (Link:
https://eiopa.europa.eu/publications/eiopa-opinions/index.html )to view
the Opinion on the Use of a Common Application Package for Internal Models


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