CEIOPS’ final set of advice consists of calibrations for most Solvency II risk modules. It comes with an assurance that it benefits from improved data collection, as well as from information gathered during the financial crisis.
CEIOPS published its third and final set of advice on Solvency II Level 2 Implementing Measures following formal approval by CEIOPS members. This means that CEIOPS has now delivered on the European Commission’s request for technical advice submitted in June 2009.
CEIOPS considers that the level of confidence provided for in the Level 1 text needs to be ensured. A major part of CEIOPS’ last set of advice consists of calibrations for most Solvency II risk modules CEIOPS with the assurance that it benefits from improved data collection, as well as from information gathered during the financial crisis. CEIOPS recognises that further improvements will need to be made to the calibration proposals once more data has been collected both from its members and from the industry.
Throughout this third wave of advice, CEIOPS has remained fully committed to an open and transparent consultation process. Furthermore, dialogue with relevant stakeholders will continue in order to reach solutions on a number of pending crucial issues where the Commission has agreed for CEIOPS to continue its analysis until end March 2010.
CEIOPS received 6,856 comments from 126 stakeholders, national and European associations and insurance undertakings during this last round of consultation, covering 16 papers spanning the period November to December 2009. A significant number of the submissions received (36 per cent) came from individual insurance companies, mutuals and groups which proved their continued high interest in the Solvency II project.
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