EIOPA delivers Solvency II Implementing Technical Standards on supervisory approval processes

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, Undertaking-Specific 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.

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 (Link:
https://eiopa.europa.eu/publications/technical-standards/draft-implementing-technical-standards-on-the-supervisory-approval-processes-for-solvency-ii/index.html
).


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