ITS is addressed both to undertakings and national supervisors. Its purpose is to guarantee that (re)insurers present all information necessary for supervisors to give a legally certain and prudentially sound approval of key elements of Solvency II.
The European Insurance and Occupational Pensions Authority (EIOPA) has submitted 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 EC has to endorse the Implementing Technical Standards within 3 months.
Gabriel Bernardino, Chairman of EIOPA, said: “These ITS pave the way for riskbased approval processes reflecting the nature, scale and complexity of the risks attached to the insurers’ business ensuring a convergent approach throughout Europe.
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.
© EIOPA
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