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CEIOPS has released its first Level 3 Guidance on Solvency II – The Guidance covers the pre- application process for internal models. CEIOPS published today a Consultation Paper on Level 3 guidance for Solvency II on the pre-application process for internal models. This first Level 3 guidance is built on the Final Level 2 Advice on the internal model approval process submitted to the European Commission in November 2009 and represents clear evidence of CEIOPS’ commitment to ensure increased convergence across EEA supervisory practices within the new solvency framework.
As many of the internal model applications are likely to be group internal model applications, the paper also provides guidance on the operation of the
Following completion of its Final Level 2 advice on all Solvency II areas (submission to the European Commission by end January 2010), CEIOPS is currently developing Level 3 Guidance, as part of its continued efforts towards completing a fully functional regulatory architecture in time for the 2013 Solvency II implementation deadline.
Deadline for comments is 8 March 2010