The Commission published a discussion paper on the reflections on the general outline of a framework directive and mandates for further technical work. The purpose of this Discussion Paper is to make an inventory of the main changes that the Solvency II reform could introduce to the current insurance directives. The paper furthermore outlines technical issues to be analysed further in CEIOPS.
The purpose of this discussion paper is to make an inventory of the main changes that the Solvency II reform could introduce in the current directives.
The Commission Services have identified a number of areas for further detailed work.
A first series of issues are related to the most technical recommendations, that is prudential standards for:
Non-life technical provisions
Life technical provisions
Target capital and internal models
Four other areas of work concern different aspects of insurance supervision. These
would be:
Supervisory powers and action
Internal control and risk management requirements
Supervisory review methods
Group supervision
Chapter 2 of this paper contains the Services' first attempt to present an outline
structure of a future framework directive.
Chapter 3 will in many cases be the same for life and nonlife insurance. There are some areas where different approaches will be needed, and those will be discussed separately. These discussions normally include proposals for new articles or significant review to the current prudential directives.
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