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The European Insurance and Occupational Pensions Authority (EIOPA) published the Common Application Package (CAP) for Internal Models. It will help insurers understand the granularity of documentation and evidence that is required for the formal application process.
It can be used as well during the pre-application, in order to prepare for a future application.
Gabriel Bernardino, Chairman of EIOPA, said: “We developed the Common Application Package for Internal Models in order to foster consistent supervisory practices and ensure the level playing field in the internal market for the ultimate benefit of the EU undertakings and consumers”.
The package contains the Excel template and the Explanatory Note with instructions on how to fill in the template.
The CAP follows up on EIOPA Opinion on the Use of a Common Application Package for Internal Models issued in March 2014. According to this Opinion, national supervisors should recommend undertakings to use the package to organise the documentation.