EIOPA consults on Set 1 of its Implementing Technical Standards for Solvency II

The European Insurance and Occupational Pensions Authority (EIOPA) invites
market participants and (re)insurance stakeholders to provide their
feedback on the first set of draft Implementing Technical Standards (ITS)
for Solvency II.

With this EIOPA enters the final regulatory phase of Solvency II, during
which it will present its draft ITS and Guidelines to the public until the
regulation becomes applicable on 1 January 2016.

The ITS define the processes for the approval of the Matching Adjustment,
Ancillary Own Funds, Undertaking-Specific Parameters, Internal Models and
Special Purpose Vehicles as well as the joint decision process on Group
Internal Models.

Approval processes contain provisions that are addressed to undertakings
and national supervisors. Their purpose is to ensure that (re)insurers
present all the information that is necessary for supervisors to give a
legally certain and prudentially sound approval of the above-mentioned
Solvency II elements.

The ITS contribute to the preparation by undertakings and supervisory
authorities for the approval processes: as of 1 April 2015, companies can
start submitting their applications to supervisors.

EIOPA will send the ITS to the European Commission by 31 October 2015 for
final endorsement, after which the ITS will be translated into all the EU
official languages and will become legally binding.

The consultation will end on 30 June 2014. Please note that comments
submitted after the deadline or not submitted on the provided template
cannot be processed.

The consultation papers and the templates for comments can be viewed here
(Link:
https://eiopa.europa.eu/consultations/consultation-papers/index.html )


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