EIOPA delivers a Common Application Package for Internal Models

The European Insurance and Occupational Pensions Authority (EIOPA)
published today the Common Application Package (CAP) for Internal Models.

The package aims to promote consistent supervisory practices for the
application processes related to internal models. It will help insurers to
understand the granularity of documentation and evidence that is required
for the formal application process. It can be used as well during the
pre-application, in order to prepare for a future application.

Gabriel Bernardino, Chairman of EIOPA, said: "We developed the Common
Application Package for Internal Models in order to foster consistent
supervisory practices and ensure the level playing field in the internal
market for the ultimate benefit of the EU undertakings and consumers".

The package contains the Excel template and the Explanatory Note with
instructions on how to fill in the template.

The CAP follows up on EIOPA Opinion on the Use of a Common Application
Package for Internal Models issued in March 2014. According to this
Opinion, national supervisors should recommend undertakings to use the
package to organise the documentation needed to demonstrate compliance
with the requirements relevant to the use of internal models.
The package can be viewed on EIOPA's website (Link:
https://eiopa.europa.eu/publications/standards-and-more/index.html )


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