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To avoid diverging national solutions and promote consistent supervisory practices, EIOPA has developed a common application package to be used by insurers while applying for the use of internal models. The package will help insurers to understand the granularity of documentation and evidence that is required for the application. It will also help National Competent Authorities (NCAs) to carry out the required completeness check once an application is received.
EIOPA expects NCAs to recommend that insurers use the package when submitting the documentation that is needed to demonstrate compliance with the requirements relevant to the use of internal models.
The package is composed of a template and an accompanying explanatory document. It is being sent to the NCAs that will consult the respective insurance groups and after EIOPA receives their feedback, it will be made publicly available.
Gabriel Bernardino, Chairman of EIOPA, said: “By developing the package for internal models’ application we made another important step towards convergent implementation of Solvency II in all the 28 Member States of the EU. EIOPA will continue to monitor supervisory practices related to the new risk-based framework and to further ensure their maximum consistency”.