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CEIOPS released a number of consultation documents on its first set of advice on Solvency II - Level 2 implementing measures, including on the SCR standard formula, on own funds, the approval of internal models, and on special purpose vehicles.
Following papers are subject to consultation:
Methods and statistical techniques for calculating the best estimate
advice on actuarial and statistical methodologies for the calculation of the best estimate.
Consultation period: 1 April – 1 June
Segmentation
advice on minimum level of segmentation – ie. lines of business - that undertakings need to consider when calculating their technical provisions.
Consultation period: 1 April – 3 May
SCR Standard Formula -Counterparty default risk
give draft advice on the scope of the module and the calculation of the capital requirement for counterparty default risk.
Consultation period: 1 April - 1 June
Own Funds - Criteria for supervisory approval of ancillary own funds
provide a framework that specifies the criteria for granting supervisory approval.
Consultation period: 1 April - 1 June
Treatment of Future Premiums
recognition of an insurance or re-insurance obligation as well as on the boundaries of these obligations.
Consultation period: 1 April – 1 June
SCR Standard Formula - Allowance of financial mitigation techniques
develops the qualitative treatment of financial mitigation techniques.
Consultation period: 1 April - 1 June
Assumptions about Future management actions
propose a framework which identifies the circumstances in which it is appropriate for undertakings to take account of future management actions in the calculation of their technical provisions.
Consultation period: 1 April - 1 June
System of Governance
advice for Level 2 measures with regard to the System of Governance. It also includes material that could be considered for the future when developing Level 3 guidance. The text covers the most important issues to be regulated to ensure appropriate governance standards within insurance and re-insurance undertakings.
Consultation period: 1 April – 8 June
Transparency and Accountability
advice for Level 2 measures with regard to Transparency and Accountability, which provides that “the supervisory authorities shall conduct their tasks in a transparent and accountable manner with due respect for the protection of confidential information”. It also presents some ideas as to how the accessibility of information could be improved through Level 3 guidance.
Consultation period: 1 April – 8 June
Valuation of Assets and “Other Liabilities”
advice for Level 2 implementing measures with regard to the valuation of assets and liabilities other than technical provisions in accordance with Article 74 of the Level 1 text.
Consultation period: 1 April – 8 June
Special Purpose Vehicles
addresses the authorisation, regulatory requirements and scope of supervisory review that relate to the establishment of SPVs under Solvency II. It also includes material that could be considered for Level 3 guidance.
Consultation period: 1 April – 8 June
Procedure to be followed for the approval of an internal model
advice for Level 2 implementing measures with regard to the procedure to be followed for the approval of an internal model. Specificities related to the approval of group internal models as set out in Article 229 of the Level 1 text will be provided as an addendum to this Consultation Paper later in 2009.
Consultation period: 1 April – 1 June
CEIOPS will consult on two further sets of advice on Level 2 measures, foreseen to be released at the beginning of July 2009 and in autumn 2009.