EU publications Online survey for assessment of insurance based investment products Page 2
|
|
- Stephany Eaton
- 5 years ago
- Views:
Transcription
1 Insurance Regulatory Update October 2016 European regulatory developments of interest to insurers, reinsurers, asset managers and other market participants Summary EU publications Online survey for assessment of insurance based investment products Page 2 European Commission publishes ITS on procedures for the application of the transitional measu re for the equity risk sub-module published in the Official Journal (2016/1630) Page 2 EIOPA speech on implementation of Solvency II Page 2 EIOPA updates reporting Q&As Page 2 UK publications Treasury Committee launches inquiry into Solvency II Page 5 PRA publishes Policy and Supervisory Statement on the External Audit of the SFCR (PS24/16 & SS11/16) Page 5 ABI publishes checklist for implementing counter fraud practices Page 6 PRA publishes Supervisory Statement on changes to internal models Page 6 PRA publishes Consultation on GI market turning event (CP32/16) Page 7 Lloyd s publishes newsletter No. 7 on Conduct Standards Page 8 Ireland publications Central Bank publishes Issue 2 of its Insurance Quarterly Newsletter Page 9 Netherlands publications DNB discloses new Solvency II industry statistics Page 10
2 EU - Publications from EU institutions 5 September EIOPA Online survey for developing assessment of insurance based investment products Guidelines EIOPA launches an online survey to help its development of Guidelines on the assessment of complex (which by their nature are difficult for the policyholders to understand) insurance based investment products, due under Article 30(7) of the Insurance Distribution Directive (IDD). The deadline for responses was 25 September EIOPA is required to publish final Guidelines by 23 August September European Commission European Commission publishes ITS on procedures for the application of the transitional measure for the equity risk sub-module published in the Official Journal (2016/1630) European Commission publishes ITS on procedures for the application of the transitional measure for the equity risk sub-module published in the Official Journal (2016/1630) in the Official Journal. The ITS states that no procedures are needed when undertakings decide against using the transitional measure set out in Article 308b (13) of Solvency II Directive. The requirement to identify the purchasing date for equities indirectly held through collective investment funds can be simplified with a transitional arrangement available through the amended Delegated Regulation where revised Article 173 allows an insurer to estimate the proportion of equities in accordance with the target underlying asset allocation on 1 January The proportion to which the transitional is applied shall each year be reduced in proportion to the asset turnover ratio of the fund. The Implementing regulation entered into force on 30 September September EIOPA EIOPA speech on implementation of Solvency II EIOPA published a Speech by EIOPA Head of Regulations Dr Manuela Zweimueller on the implementation of Solvency II. In a section looking ahead to future reviews of Solvency II, Dr Zweimueller indicated that: until 2020, EIOPA will perform a yearly assessment of the implementation of the long-term guarantee measures; and by 2018, EIOPA is to review the solvency capital requirement standard formula including the calibration of different asset classes under Solvency II, including sovereign bonds; These reviews will take into account the developing international insurance capital standards.
3 26 September EIOPA EIOPA publishes updated reporting Q&A responses EIOPA published updates to the RSR Q&As, SFCR Q&As and FSR Q&As on its Q&A page. Included within the additional items were useful clarifications on some of the detailed reporting requirements: RSR reporting templates: Question 298 (25/7/16) S Securities lending and repos reporting threshold EIOPA confirms that the aggregate securities lending and repo exposures should be considered for the 5% threshold i.e. if both were at 3%, the template wold be required as in aggregate the exposures are above the 5% threshold. Question 759 (30/8/16) sensitivity to shock concept EIOPA clarifies its meaning of sensitive to shock for allocation of pre - and post-shock asset and liability amounts in SCR QRTs: Sensitivity to shock should be understood as a riskincreasing effect not necessarily in SCR terms but in terms of the real risk exposure. For example, European government bonds are exposed to spread and concentration risk although the SCR is 0 (the value of this assets should be reported in S before and after shock with the same amount, i.e. they are sensitive to the risk but the shock is zero). However, contracts, whose Technical Provisions decreases when mortality increases are not sensitive to mortality risk and thus this Technical Provisions should not be entered in S C0030/R0100, but most probably in the cell for longevity risk. Question 785 (30/8/16) S mistakes in validations and LOG guidance EIOPA confirm the following mistakes and corrections in S validations and guidance: o In the Instructions of S C0050 the text should have read: "It shall be the difference between the technical provisions without transitional on interest rate and the and the technical provisions reported under C0020" (as there are scenarios, with group reporting, where the transitional on TP is applied in one subsidiary ad transitional on RFR is applied in another subsidiary) o Regarding C0070 and C0090, the MAX function should also not apply. A detailed assessment of the different items allowed us to conclude that when it comes to TP, amounts before transitionals are higher than amounts after transitionals, but this is no longer true for other items in the template, like OF, as you stated. OF before transitionals are generally lower than after transitionals, so it should be "min" instead of "max". However, in some cases, like Tier III available OF, the amount after transitionals can be higher (because of new deferred tax assets) or lower (because of the limits in the Directive (1/3 of total OF) which might apply for undertakings breaching the SCR) than the amount before transitionals. The validations that relate to these corrections (BV64 and BV67) have been disabled for and corrected for taxonomy. We have corrected the validations in all return variants and these are in place in the latest Tabular data update
4 Question 800 (30/8/16) S c0370 (XL rate 2) mistake in LOG guidance EIOPA confirm that the guidance requiring NA to be entered if not applicable is not valid as the taxonomy will only allow numeric values. Question 803 (30/8/16) S Requirements for completion EIOPA confirm that If a group uses method 1 and has no non EEA insurance and reinsurance undertakings in the group, template S is not due and option "0" should be chosen. Question 809 (30/8/16) S & S Closed list of rating agencies EIOPA confirm that it expects to only see the name (Name of CRA) as published by ESMA in the "List of registered and authorised CRAs" This closed list of rating agencies will be added to all applicable QRTs to the release for 31/12/2106 and later filings. Question 751 (30/8/16) S definition of claims incurred EIOPA clarify an earlier question (Q606) which it admitted was misleading : o Template S does not require historical data to be reported. Please see also Q416. The examples should have read: Please note that only the RBNS part of the best estimate is included in template S (the incurred but not reported (IBNR) part of the best estimate is not included in S.21.01). Consider a single claim that occurred in 2006, say, for which during 2016 paid = 20 and RBNS = 100. It might be that for this claim during 2017 paid =10 and RBNS =80. Thus the total claims incurred for the claim in question was 120 in the at end 2016 and 90 at the end 2017, the claim in question has been revised down by 10 during 2017 but thus revision is not explicitly shown. In the example given, 2006 is the accident year (AY) and 2016, 2017 are considered development years (DY). Then claims_incurred_ay2006_dy2016=100+20=120 and claims_incurred_ay2006_dy2017=10+80=90. Note that both amounts should be captured in the column for total claims incurred in accident year SFCR reporting templates (note, often questions appear in the SFCR Q&A document that relate to RSR templates i.e. those which are not reported publicly): Question 747 (4/8/16) S Treatment of claims incurred at zero cost EIOPA confirm that the loss distribution profile (predefined) brackets precludes the reporting of claims incurred during the reporting year, therefore claims with 0 incurred losses should not be considered. Question 653 (5/8/16) Recognition approach on group acquisition of another insurer EIOPA confirm that the reporting of the acquired solo submission is unaffected by its acquisition. For the group submission, EIOPA gives some general guidance on the accounting and recognition approaches to be used in this scenario: by default the date of acquisition of the
5 insurer should be considered as the general principle of consolidation states that only the profit/loss after the acquisition date should be considered in the consolidation. If a group buys an entity, all assets and liabilities are revalued. This means: o S C Acquisition value: should reflect the Solvency II value at the date of insurer acquisition. Please note that, if the same asset is held by different entities within the group are subject to consolidation, the acquisition value should be reported as a weighted average. Different acquisition values do not originate additional lines in S.06.02; o S C Initial date; C Premium paid to date; C Premium received to date: should reflect the information since the date of insurer acquisition; o S C Premium paid to date; C Premium received to date; C Profit and loss to date: should reflect the information since the date of insurer acquisition; o S.09.01: should reflect the information since the date of insurer acquisition. Regarding the scope of trading activity, the contracts closed prior to the insurer acquisition of the company should not be reported." Question 765 (5/8/16) Definition of remaining part (particularly regards SR Balance sheet reporting) EIOPA confirm that the definition of the remaining part is consistent across all templates, regardless of whether MAP information is requested. The consequence of this is that, in the specific case of SR balance-sheet, the entity level balance sheet, S(E).02.01, will not necessarily reconcile to the reported material RFFs plus remaining part as the MAP related amounts are not reported (and not included in remaining part for the purposes of this template). Question 770 (5/8/16) S(R) C0910 Reporting Largest liability limit provided when unlimited cover offered EIOPA confirm that the reporting should follow the Delegated Acts Article 133 (3)(c) in the scenario where the insurance or reinsurance undertaking provides unlimited cover in liability risk group i, the number of claims ni is equal to one. In reporting terms, this means that in this case the Number of claims (C0910) is 1 and the Largest liability limit provided (C0900) is not reported. Question 777 (5/8/16) S.23.02/03 Paid in share capital EIOPA confirm that the reporting both S and S the amount of paid in share capital should be reported gross of own shares. Question 778 (5/8/16) S c0100 Reinsurance recoverables: Total reinsurance recoverables EIOPA clarify that c0100 does not necessarily equal c c c c0090 as c0100 represents the result of ceded technical provisions but any Non-Life TP calculated as a whole is not reported in C0060 to C0090. Question 746 (30/8/16) S(E) c0120 Custodian approach for money accounts and FTD accounts EIOPA confirm that for call money accounts and fixed-term deposit accounts, which fall into CIC category 72 or 73, the account-keeping bank should be reported in C0120.
6 UK - Publications from the UK 13 September House of Commons Treasury Committee Treasury Committee launches inquiry into Solvency II The House of Commons Treasury Committee has launched an inquiry into the introduction and operation of Solvency II. The inquiry is to assist the Committee s review of relationships that the UK may seek with the EU following Brexit. In its terms of reference, the objective of the inquiry is set out as: consider the options for the UK insurance industry created by the decision to leave the EU; assess the impact of Solvency II on the UK insurance industry; examine the impact of Solvency II on the role of insurance in meeting the needs of UK customers and the wider UK business economy; and assess any learning for both regulators and industry from the introduction of Solvency II. The Treasury Committee s Chair, Andre Tyrie MP, said: "Brexit provides an opportunity for the UK to assume greater control of insurance regulation. The Solvency II Directive came into force in January, only after a heap of concerns had been expressed about it. Among its manifest shortcomings was the failure to secure value for money over its implementation. The Treasury Committee will now take a look at the Brexit inheritance on insurance to see what improvements can be made in the interests of the consumer." 9 September PRA PRA publishes Policy and Supervisory Statement on the External Audit of the SFCR (PS24/16 & SS11/16) The PRA publishes a Policy Statement (PS24/16) on external audit of the Solvency II public disclosure requirements. PS24/16 contains responses to feedback received from Consultation The appendices to PS24/16 set out the final rules and Supervisory Statement (SS11/16) to implement the proposals consulted on in CP23/16. The PRA indicates that it has made only minor amendments in the light of responses received to CP23/16. The rules are applicable to insurers first SFCR returns with financial year ending 15 November 2016 or later. SS11/16 sets out the responsibilities of the Board in assuring the accuracy of information disclosed in the SFCR, including sign-off. It also sets out the level of assurance expected with respect to the external audit requirement on the SFCR and the audit guidance that the PRA expects auditors to follow in auditing a firm s SFCR.
7 20 September ABI ABI publishes checklist for implementing counter fraud practices Association of British Insurers (ABI) publishes a checklist for use by insurers (particularly small insurers) and partners for implementing effective counter fraud practices. The checklist covers 10 areas of possible counter fraud actions. The ABI emphasises that the approach should be action-orientated and evidenced. 21 September PRA PRA publishes Supervisory Statement on changes to internal models (SS12/16) The PRA publishes Supervisory Statement SS12/16, setting out the PRA s expectations in respect of firms applying for approval for a major change to their approved internal models (including an accumulation of minor changes) or an extension of scope to an approved internal model (for example, to cover new business units or risks). The accompanying webpage gives feedback to responses to the PRA s May 2016 Consultation (CP19/16) on the Supervisory Statement, which in summary: clarifies a number of points about the PRA s approach in relation to minor changes, including that, where a minor change causes the model to no longer meet the Solvency II tests and standards, firms must address this issue; clarifies comments relating to the accumulation of minor changes, particularly that minor change accumulations will be reset at the point of receiving a major change application, unless otherwise agreed with the PRA; clarifies the PRA s expectation that firms will be expected to base their Solvency II reporting on the model approval that is in place on or before the last day of a reporting period; and limits duplication with previously published requirements and guidance. 20 September PRA PRA publishes Consultation Supervisory Statement on GI market turning event (CP32/16) The PRA publishes Consultation Paper (CP32/16) with a draft Supervisory Statement setting out the PRA s expectations of Solvency II general insurance firms in relation to significant general insurance loss events (a Market-Turning Event ) which might affect firms solvency and future business plans. The PRA paper defines a Market-Turning Event as a hardening to occur rapidly, as likely claims increase, profits fall, premium rates rise and/or the supply of capital becomes restricted. The draft Supervisory Statement includes expectations on firms preparations for, initial response to the challenges of responding to a large loss-event and uncertainty on exposures, and managing claims and other obligations (such as data collection exercises). The range of topics covered includes: risk management; capital management and financing; governance; reporting and disclosure; PRA data collection;
8 longer-term lessons. The Appendix contains a draft information request to firms from the PRA for possible use after a market turning event. The consultation period closes 21 December August Lloyd s of London Lloyd s publishes newsletter No. 7 on Conduct Standards Lloyd s publishes newsletter No. 7 on conduct standards. The newsletter covers: complaints performance metrics; the launch of the coverholder complaints manual; model clauses for damages for late payment; a conduct management information thematic review; the FCA s increased transparency requirement at renewal; and the FCA s concerns on appointed representative appointments and Lloyd s expectations.
9 Ireland - Publications from Ireland 21 September CBoI Central Bank publishes Issue 2 of its Insurance Quarterly Newsletter The CBoI published its second edition of its lnsurance Quarterly Newsletter for Q The Newsletter summarises several development s from the quarter. There are details on the CBoI s implementation of its new engagement model for low impact firms. It is based on an onsite and off-site approach, including: Annual on-site inspections of 10% of the low impact companies by the on-site inspection team; For an additional 10% of undertakings, the supervision team carries out the following: o on-site quarterly targeted reviews involving the examination of relevant documentation as well as meetings with management. o annual off-site desk reviews of a specific topic selected each year. The CBoI set out its high-level feedback to the on-site inspections across a number of low impact (re)insurance undertakings in the first half of These focused specifically on Corporate Governance, Risk Management, Internal Controls, Claims and Reserving processes, Reinsurance and other risk mitigating techniques annual and quarterly return processes and the ORSA reports. The CBoI summarised its common findings below: Outsourcing In general, the relevant agreements were found to be not fully compliant with Solvency II legislation1. In the majority of the undertakings inspected, there were no agreements in place between the undertaking and the Group, where Group provided a critical or important service to the undertaking. Where agreements were in place, with a third party or with Group, they failed to set out or establish the use of key performance indicators and key risk indicators in their outsourcing arrangements. Risk management In most instances, risk management policies and sub policies were not adequately detailed to reflect the complexity of the undertakings. Specific to the Risk Appetite Statements (RAS), we found that the RAS did not adequately reflect undertakings' appetite for risk. ORSA In general, we found that identified risks were not subjected to a sufficiently wide range of stress tests or scenario analyses in order to provide an adequate basis for the assessment of the overall solvency needs.
10 Netherlands - Publications from Netherlands 6 September DNB DNB discloses new Solvency II industry statistics The DNB published three new statistical tables of aggregated financial data based on Solvency II submissions: Table 7.7: Balance sheet Table 7.8: Premiums, claims and costs, broken down by insurance sector Table 7.9: Own funds and solvency As per the DNB s commentary, the Initial submissions filed under Solvency II suggest that the aggregated solvency ratio of the Dutch insurance sector, established in accordance with the new supervisory framework, comfortably exceeds the statutory standard of 100%. The quality of actual own funds is also generally high.
11
EU publications Technical information for 30/9 30/12 firms to calculate TPs and BoF Page 2
Insurance Regulatory Update December 2016 European regulatory developments of interest to insurers, reinsurers, asset managers and other market participants Summary EU publications Technical information
More informationEU publications ECON extends scrutiny period of amending Delegated Act Page 3. Reporting ITS published in Official Journal Page 3
Insurance Regulatory Update December 2015 European regulatory developments of interest to insurers, reinsurers, asset managers and other market participants Summary EU publications ECON extends scrutiny
More informationEU publications EIOPA announces launch of EU-wide thematic review of the UL life insurance market Page 2
Insurance Regulatory Update August 2016 European regulatory developments of interest to insurers, reinsurers, asset managers and other market participants Summary EU publications EIOPA announces launch
More informationNumber Date Reference
Number Date Reference 1 28/09/2015 0 2 28/09/2015 Preparatory phase reporting template S.34.01.g 3 08/12/2015 S.34.01 Final Solvency II template 4 19/01/2016 DPM and Taxonomy 2.0.1, Annotated Templates
More informationProposal for the Quality Assurance of the Solvency II capital requirements, own funds and balance sheet
Proposal for the Quality Assurance of the Solvency II capital requirements, own funds and balance sheet Date of Paper : 21 November 2016 Version Number : V2.0 Table of Contents 1 Overview... 3 2 Solvency
More informationCover note. Public consultation on:
EIOPA-CP-11/009a 8 November 2011 Cover note Public consultation on: - Draft proposal on Quantitative Reporting Templates - - Draft proposal for Guidelines on Narrative Public Disclosure & Supervisory Reporting,
More informationResponse to EIOPA consultation on corrections and amendments to implementing technical standards on reporting and disclosure
Response to EIOPA consultation on corrections and amendments to implementing technical standards on reporting and disclosure General comments Insurance Europe welcomes the opportunity to comment on the
More informationRegulatory Consultation Paper Round-up
Regulatory Consultation Paper Round-up Both the PRA and EIOPA have issued consultation papers in Q4 2017 - some of the changes may have a significant impact for firms if they are implemented as currently
More informationPRA Solvency II update James Orr. 29 April 2015
PRA Solvency II update James Orr 29 April 2015 Agenda 1. 2015 Update 2. What is standard formula? 3. Internal models 4. Matching adjustment 5. ORSA 6. System of governance 7. Regulatory reporting 1. 2015
More informationPolicy Statement PS24/18 Solvency II: Updates to internal model output reporting. October 2018
Policy Statement PS24/18 Solvency II: Updates to internal model output reporting October 2018 Policy Statement PS24/18 Solvency II: Updates to internal model output reporting October 2018 Bank of England
More informationConsultation Paper CP10/18 Solvency II: Updates to internal model output reporting
Consultation Paper CP10/18 Solvency II: Updates to internal model output reporting April 2018 Prudential Regulation Authority 20 Moorgate London EC2R 6DA Consultation Paper CP10/18 Solvency II: Updates
More informationSupervisory Statement SS40/15 Solvency II: reporting and public disclosure - options provided to supervisory authorities
Supervisory Statement SS40/15 Solvency II: reporting and public disclosure - options provided to supervisory authorities October 2015 (Updated July 2016) Prudential Regulation Authority 20 Moorgate London
More informationPolicy Statement PS25/17 Solvency II: Data collection of market risk sensitivities. October 2017
Policy Statement PS25/17 Solvency II: Data collection of market risk sensitivities October 2017 Prudential Regulation Authority 20 Moorgate London EC2R 6DA Policy Statement PS25/17 Solvency II: Data collection
More informationConsultation Paper on the draft proposal for Guidelines on reporting and public disclosure
EIOPA-CP-14/047 27 November 2014 Consultation Paper on the draft proposal for Guidelines on reporting and public disclosure EIOPA Westhafen Tower, Westhafenplatz 1-60327 Frankfurt Germany - Tel. + 49 69-951119-20;
More informationSolvency II Detailed guidance notes
Solvency II Detailed guidance notes March 2010 Section 8 - supervisory reporting and disclosure Section 8: reporting and disclosure Overview This section outlines the Solvency II requirements for supervisory
More informationMistakes identified in the Final Report on public consultations No. 14/052 and 14/055. (Full list)
EIOPA-15/801 22 October 2015 Mistakes identified in the Final Report on public consultations No. 14/052 and 14/055 (Full list) 1. This Note sets out the mistakes identified in the Final Report on public
More informationSupervisory Statement SS15/15 Solvency II: approvals. March Appendix 2.15
Supervisory Statement SS15/15 Solvency II: approvals March 2015 Appendix 2.15 Prudential Regulation Authority 20 Moorgate London EC2R 6DA Prudential Regulation Authority, registered office: 8 Lothbury,
More informationPolicy Statement PS9/19 Solvency II: Group own fund availability. March 2019
Policy Statement PS9/19 Solvency II: Group own fund availability March 2019 Policy Statement PS9/19 Solvency II: Group own fund availability March 2019 Bank of England 2019 Prudential Regulation Authority
More informationRe: Possible Solvency and Financial Condition Report components subject to assurance
Ms Sandra Hack European Insurance and Occupational Pensions Authority (EIOPA) Westhafenplatz 1 D-60327 Frankfurt am Main 10 January 2012 Ref.: INS/PRJ/SKU/IDS Dear Ms Hack, Re: Possible Solvency and Financial
More informationConsultation Paper CP2/18 Changes in insurance reporting requirements
Consultation Paper CP2/18 Changes in insurance reporting requirements January 2018 Prudential Regulation Authority 20 Moorgate London EC2R 6DA Consultation Paper CP2/18 Changes in insurance reporting requirements
More informationPRA Solvency II regulatory reporting update IFoA
PRA Solvency II regulatory reporting update IFoA Giles Fairhead and David Jeacock 15 October 2015 2 Agenda Two sections to today s agenda 1) Update on PRA Solvency II regulatory reporting Pillar 3 progress
More informationWe referred to ICP 20 which deals with public disclosures and is therefore directly comparable to the SFCR.
Solvency Assessment and Management: Steering Committee Position Paper 52 1 (v 4) Solvency Financial Condition Report and Report to Supervisor Detailed Requirements - Risk Profile EXECUTIVE SUMMARY 1. INTRODUCTION
More informationEIOPA-CP-13/ March Cover note for the Consultation on Guidelines on preparing for Solvency II
EIOPA-CP-13/015 27 March 2013 Cover note for the Consultation on Guidelines on preparing for Solvency II EIOPA Westhafen Tower, Westhafenplatz 1-60327 Frankfurt Germany - Tel. + 49 69-951119-20; Fax. +
More informationPolicy Statement PS25/18 Solvency II: External audit of the public disclosure requirement. October 2018
Policy Statement PS25/18 Solvency II: External audit of the public disclosure requirement October 2018 Policy Statement PS25/18 Solvency II: External audit of the public disclosure requirement October
More informationConsultation Paper CP9/18 Solvency II: Internal models modelling of the volatility adjustment
Consultation Paper CP9/18 Solvency II: Internal models modelling of the volatility adjustment April 2018 Prudential Regulation Authority 20 Moorgate London EC2R 6DA Consultation Paper CP9/18 Solvency II:
More informationSolvency and financial condition report 2017
Solvency and financial condition report 2017 The Standard Life Assurance Company 2006 Contents Summary 2 A Business and performance 4 A.1 Business 4 A.2 Underwriting performance 5 A.3 Investment performance
More informationGuidance on the Actuarial Function April 2016
Guidance on the Actuarial Function April 2016 Disclaimer No responsibility or liability is accepted by the Society of Lloyd s, the Council, or any Committee of Board constituted by the Society of Lloyd
More informationSupervisory Statement SS7/17 Solvency II: Data collection of market risk sensitivities. October 2017
Supervisory Statement SS7/17 Solvency II: Data collection of market risk sensitivities October 2017 Prudential Regulation Authority 20 Moorgate London EC2R 6DA Supervisory Statement SS7/17 Solvency II:
More informationThe Central Bank s Requirement for External Audit of Solvency II Regulatory Returns / Public Disclosures
2016 The Central Bank s Requirement for External Audit of Solvency II Regulatory Returns / Public Contents The Central Bank s Requirement for External Audit of Solvency II Regulatory Returns/Public...
More informationGuidance on the Actuarial Function MARCH 2018
Guidance on the Actuarial Function MARCH 2018 Disclaimer No responsibility or liability is accepted by the Society of Lloyd s, the Council, or any Committee of Board constituted by the Society of Lloyd
More informationCover note for the draft consultation papers on the Guidelines and ITS for Solvency II (set 2)
EIOPA-BoS-14/229 27 November 2014 Cover note for the draft consultation papers on the Guidelines and ITS for Solvency II (set 2) 1/10 1. Introduction 1.1. EIOPA invites comments from stakeholders on the
More informationPolicy Statement PS16/17 Dealing with a market turning event in the general insurance sector. July 2017
Policy Statement PS16/17 Dealing with a market turning event in the general insurance sector July 2017 Policy Statement PS16/17 Dealing with a market turning event in the general insurance sector July
More information2017 Solvency and Financial Condition Report. Delta Lloyd Levensverzekering N.V.
2017 and Financial Condition Report Delta Lloyd Levensverzekering N.V. Content II and Financial Condition Report Summary 4 A. Business and Performance 6 B. Governance 9 C. Risk Profile 14 D. Purposes
More informationInsurance Europe Position Paper on the Solvency II Reporting Package. ECO-SLV Date: 15 May 2012
Position Paper Insurance Europe Position Paper on the Solvency II Reporting Package Our Reference: ECO-SLV-12-285 Date: 15 May 2012 Referring to: Related documents: Contact person: Ecofin department E-mail:
More informationConsultation Paper CP23/14. Solvency II approvals
Consultation Paper CP23/14 Solvency II approvals October 2014 Prudential Regulation Authority 20 Moorgate London EC2R 6DA Prudential Regulation Authority, registered office: 8 Lothbury, London EC2R 7HH.
More informationTax in Solvency II. Ayesha Patel. 10 June Tel: June 2014
Tax in Solvency II Ayesha Patel Email: ayesha.patel@uk.pwc.com Tel: 020 7212 1239 June 2014 10 June 2014 Agenda 1 Background 2 The three Pillars 3 Pillar I in detail 4 Survey 5 Summary 6 Questions 2 Background
More informationEIOPA Proposal for Guidelines on the preparation for Solvency II. October Milliman Solvency II Update
EIOPA Proposal for Guidelines on the preparation for Solvency II October 2013 EIOPA s final guidelines for the preparation of Solvency II look set to require firms and supervisors to put in place elements
More information2017 Solvency and Financial Condition Report. Delta Lloyd Schadeverzekering N.V.
2017 and Financial Condition Report Delta Lloyd Schadeverzekering N.V. Content II and Financial Condition Report Summary 4 A. Business and Performance 6 B. Governance 9 C. Risk Profile 14 D. Purposes
More informationSOLVENCY ASSESSMENT AND MANAGEMENT (SAM) FRAMEWORK
SOLVENCY ASSESSMENT AND MANAGEMENT (SAM) FRAMEWORK Hantie van Heerden Head: Actuarial Insurance Department 5 October 2010 High-level summary of Solvency II Background to SAM Agenda Current Structures Progress
More informationConsultation on Domestic Actuarial Regime and Related Governance Requirements under Solvency II. Consultation Paper CP92
Domestic Actuarial Regime and Related Governance Requirements under Solvency II 2015 Consultation on Domestic Actuarial Regime and Related Governance Requirements under Solvency II Consultation Paper CP92
More informationConsultation Paper CP24/17 Solvency II: Internal models - modelling of the matching adjustment
Consultation Paper CP24/17 Solvency II: Internal models - modelling of the matching adjustment November 2017 Prudential Regulation Authority 20 Moorgate London EC2R 6DA Consultation Paper CP24/17 Solvency
More informationSolvency & Financial Condition Report Centrewrite Limited
Solvency & Financial Condition Report Centrewrite Limited For the year ended 31 December 2016 Prepared in accordance with Chapter XIII Section 1 Article 290-298 of Directive 2009/138/EC and Annex XX of
More informationSolvency II: ORSA and the ultimate time horizon non-life firms
Supervisory Statement SS26/15 Solvency II: ORSA and the ultimate time horizon non-life firms June 2015 Prudential Regulation Authority 20 Moorgate London EC2R 6DA Prudential Regulation Authority, registered
More informationEIOPA's Supervisory Statement. Solvency II: Solvency and Financial Condition Report
EIOPA-BoS/17-310 18 December 2017 EIOPA's Supervisory Statement Solvency II: Solvency and Financial Condition Report EIOPA Westhafen Tower, Westhafenplatz 1-60327 Frankfurt Germany - Tel. + 49 69-951119-20;
More informationGuidance and Checklist for Submitting Applications for Authorisation of a Branch of a Third-Country Insurance Undertaking
Guidance and Checklist for Submitting Applications for Authorisation of a Branch of a Third-Country Insurance Undertaking T: +353 (0)1 224 6000 E: insurancepolicy@centralbank.ie www.centralbank.ie Guidance
More informationSupervisory Statement SS44/15 Solvency II: third-country insurance and pure reinsurance branches. November 2015
Supervisory Statement SS44/15 Solvency II: third-country insurance and pure reinsurance branches November 2015 Prudential Regulation Authority 20 Moorgate London EC2R 6DA Prudential Regulation Authority,
More informationREQUEST TO EIOPA FOR TECHNICAL ADVICE ON THE REVIEW OF THE SOLVENCY II DIRECTIVE (DIRECTIVE 2009/138/EC)
Ref. Ares(2019)782244-11/02/2019 REQUEST TO EIOPA FOR TECHNICAL ADVICE ON THE REVIEW OF THE SOLVENCY II DIRECTIVE (DIRECTIVE 2009/138/EC) With this mandate to EIOPA, the Commission seeks EIOPA's Technical
More information2017 Solvency and Financial Condition Report. Nationale-Nederlanden Levensverzekering Maatschappij N.V.
2017 and Financial Condition Report Nationale-Nederlanden Levensverzekering Maatschappij N.V. Content II and Financial Condition Report Summary 4 A. Business and Performance 6 B. Governance 9 C. Risk
More informationCEA proposed amendments, April 2008
CEA proposed amendments, April 2008 Amendment 1: Recital 14 a (new) The supervision of reinsurance activity shall take account of the special characteristics of reinsurance business, notably its global
More informationPillar 3: THE START OF LIVE REPORTING
< Picture to go here > Pillar 3: THE START OF LIVE REPORTING Market briefing 19 April 2016 Lloyd s 1 Agenda Overview and current status Day 1 reporting as at 31 December 2015 Quarterly reporting from Q1
More informationSolvency II Primer Regulatory Update September 2015
Solvency II Primer Regulatory Update September 2015 Periodically we publish an update on regulatory developments we feel are of interest to our clients. The purpose is partly to keep people up to date
More informationFeedback on Annual Reporting
Feedback on Annual Reporting Supervisory Statement - July 2018 www.gfsc.gi 20 July 2018 Introduction The GFSC received the majority of the market s annual submissions in May 2018. While we were largely
More informationCFO NETWORK 22 ND OCTOBER 2015
CFO NETWORK 22 ND OCTOBER 2015! Moore Stephens Solvency II engine Demonstration of calculation and reporting tool for Pillars 1-3 PRECISE. PROVEN. PERFORMANCE. Agenda Introduction to Moore Stephens SII
More informationPolicy Statement PS16/18 Changes in insurance reporting requirements. July 2018
Policy Statement PS16/18 Changes in insurance reporting requirements July 2018 Policy Statement PS16/18 Changes in insurance reporting requirements July 2018 Bank of England 2018 Prudential Regulation
More informationSolvency II. Insurance and Pensions Unit, European Commission
Solvency II Insurance and Pensions Unit, European Commission Introduction Solvency II Deepened integration of the EU insurance market 14 existing Directives on insurance and reinsurance supervision, insurance
More informationConsultation Paper CP31/16 Solvency II: updates to SS25/15 and SS26/15
Consultation Paper CP31/16 Solvency II: updates to SS25/15 and SS26/15 September 2016 Prudential Regulation Authority 20 Moorgate London EC2R 6DA Prudential Regulation Authority, registered office: 8 Lothbury,
More informationAssociation of British Insurers
Association of British Insurers ABI response CP40/16 Solvency II: Reporting of National Specific Templates The UK Insurance Industry The UK insurance and long-term savings industry is the fourth largest
More informationkpmg KPMG response to Consultation Paper CP104 Consultation on External Audit of Solvency II Regulatory Returns / Pubic Disclosures
KPMG response to Consultation Paper CP104 Consultation on External Audit of Solvency II Regulatory Returns / Pubic Disclosures 29 July 2016 Contents 1. Introduction 3 2. Key observations.. 3 3. General
More informationSolvency II: finally final
1 Solvency II: finally final The European Council has approved the Omnibus II Directive ( O2 ). With the adoption of O2, the Solvency II framework Directive (2009/138/EC, S2 ) is finally final. This does
More informationPillar 3 reporting for Life Companies
Pillar 3 reporting for Life Companies 12 May 2016 Aidan Murphy (Zurich) Maaz Mushir (Deloitte) Disclaimer The views expressed in this presentation are those of the presenter(s) and not necessarily of the
More informationFinal Report on public consultation No. 14/049 on Guidelines on the implementation of the long-term guarantee measures
EIOPA-BoS-15/111 30 June 2015 Final Report on public consultation No. 14/049 on Guidelines on the implementation of the long-term guarantee measures EIOPA Westhafen Tower, Westhafenplatz 1-60327 Frankfurt
More informationSolvency II reporting: The three pillars
Solvency II reporting: The three pillars October 2012 For INSITUTIONAL AND PROFESSIONAL CLIENTS only not for Retail use or distribution. 3 Solvency II reporting: The three pillars Solvency II reporting:
More informationPolicy Statement PS7/18 Model risk management principles for stress testing. April 2018
Policy Statement PS7/18 Model risk management principles for stress testing April 2018 Prudential Regulation Authority 20 Moorgate London EC2R 6DA Policy Statement PS7/18 Model risk management principles
More informationInternal model outputs (Non-life) Log Instructions for templates IM IM and MO MO )NL.IMS.01-NL.IMS.
Draft for consultation as part of CP31/16, available at: www.bankofengland.co.uk/pra/pages/publications/cp/2016/cp3116.aspx In these draft instructions, deleted text is struck through and new text is underlined.
More informationSearching for Consistent Reporting
Briefing note Searching for Consistent Reporting The first public submissions of the Solvency and Financial Condition Report (SFCR) for the majority of firms were published in late May this year. This
More informationConsultation Paper CP20/16 Solvency II: consolidation of Directors letters
Consultation Paper CP20/16 Solvency II: consolidation of Directors letters May 2016 Prudential Regulation Authority 20 Moorgate London EC2R 6DA Prudential Regulation Authority, registered office: 8 Lothbury,
More informationOpinion on the solvency position of insurance and reinsurance undertakings in light of the withdrawal of the United Kingdom from the European Union
EIOPA-BoS-18/201 18 May 2018 Opinion on the solvency position of insurance and reinsurance undertakings in light of the withdrawal of the United Kingdom from the European Union 1. Legal basis 1.1. The
More informationREPORT ON THE USE OF CAPITAL ADD-ONS DURING 2017
https://eiopa.europa.eu/ REPORT ON THE USE OF CAPITAL ADD-ONS DURING 2017 PDF ISBN 978-92-9473-118-0 ISSN 2599-8781 doi:10.2854/795644 EI-06-18-354-EN-N Print ISBN 978-92-9473-117-3 doi:10.2854/521028
More informationFinal report on public consultation No. 14/060 on the implementing. technical standards with regard to. standard deviations in relation to health risk
EIOPA-Bos-15/122 30 June 2015 Final report on public consultation No. 14/060 on the implementing technical standards with regard to standard deviations in relation to health risk equalisation systems EIOPA
More informationConsultation Paper CP12/18 Securitisation: The new EU framework and Significant Risk Transfer
Consultation Paper CP12/18 Securitisation: The new EU framework and Significant Risk Transfer May 2018 Consultation Paper CP12/18 Securitisation: The new EU framework and Significant Risk Transfer May
More information4 Dec SCR.9.2. NLpr Non-life premium & reserve risk. geographical diversification proportional reinsurance. Standard_SCR
4 Dec 2014 Related topic Subtopic No. Para. Keywords Your question Answer The template aims to inform supervisors of the split by country of the TP but it is not linked to the calculation of geographical
More informationORDERS OF THE SUPERINTENDENT OF INSURANCE. in relation to submission of information
REPUBLIC OF CYPRUS ORDERS OF THE SUPERINTENDENT OF INSURANCE in relation to submission of information 2nd May 2017 (updating Orders of February 2017) Index 1 Introduction... 3 2 Application... 4 3 Regular
More informationSolvency and Financial Condition Report Trafalgar Insurance plc
Solvency and Financial Condition Report 2016 Trafalgar Insurance plc 1 Summary This is the solvency and financial condition report ( SFCR ) for Trafalgar Insurance plc ( Trafalgar ). Publication of an
More informationSyndicate SCR For 2019 Year of Account Instructions for Submission of the Lloyd s Capital Return and Methodology Document for Capital Setting
Syndicate SCR For 2019 Year of Account Instructions for Submission of the Lloyd s Capital Return and Methodology Document for Capital Setting Guidance Notes August 2018 Contents Introduction 4 Submission
More informationSolvency II Survey April 2012
Solvency II Survey April 2012 1. Introduction Solvency II is becoming ever closer and firms should be progressing with all the main elements. Many firms will be interested to know how others in the market
More informationQIS5 Consultation Feedback: High Level Issues
20 MAY 2010 QIS5 Consultation Feedback: High Level Issues The CRO Forum and CFO Forum are pleased to be able to provide comment on the QIS5 draft specification, as prescribed in the QIS5 consultation.
More informationNEWSLETTER UPCOMING EBA PUBLICATIONS (JUNE SEPTEMBER 2016)
STRENGTHENING THE EU BANKING SECTOR JUNE-2016 NEWSLETTER EBA PRESS UPCOMING EBA PUBLICATIONS (JUNE 2016 - SEPTEMBER 2016) Please note that all documents listed in the table below are subject to approval
More informationEIOPA Explanatory notes on reporting templates. Variation Analysis templates
EIOPA-17-403 20 March 2018 EIOPA Explanatory notes on reporting templates Variation Analysis templates 1.1. EIOPA has received in the last months a number of Q&A addressing the reporting of Variation Analysis
More informationSolvency II Detailed guidance notes for dry run process. March 2010
Solvency II Detailed guidance notes for dry run process March 2010 Introduction The successful implementation of Solvency II at Lloyd s is critical to maintain the competitive position and capital advantages
More informationEIOPA consultation on 2 nd set of ITS and GL
EIOPA consultation on 2 nd set of ITS and GL Input pillar 3 issues to be discussed at IRSG Meeting Frank Ellenbürger 10 February 2015 Agenda Solvency II reporting & disclosure requirements Pillar 3 overview
More informationTreatment of Italian Tax Asset under Solvency II
Treatment of Italian Tax Asset under Solvency II 25.01.16 1 Committee Andrew Kay Eoin King Brendan McCarthy Colin Murphy Ciara Regan Disclaimer: The material, content and views in the following presentation
More informationAn Introduction to Solvency II
An Introduction to Solvency II Peter Withey KPMG Agenda 1. Background to Solvency II 2. Pillar 1: Quantitative Pillar Basic building blocks Assets Technical Reserves Solvency Capital Requirement Internal
More informationFinal report on public consultation No. 14/052 on the implementing. technical standards on the templates for. the submission of information to the
EIOPA-Bos-15/115 7 August 2015 Final report on public consultation No. 14/052 on the implementing technical standards on the templates for the submission of information to the supervisory authorities EIOPA
More informationEuropean Solvency II Survey 2014
European Solvency II Survey 2014 Agenda I. Regulatory update II. III. IV. Introduction to survey and findings Pillar 1 findings Eric Brown Pillar 2 findings Frank O Callaghan V. Pillar 3 findings VI. VII.
More informationPolicy Statement PS10/17 Ensuring operational continuity in resolution: reporting requirements. April 2017
Policy Statement PS10/17 Ensuring operational continuity in resolution: reporting requirements April 2017 Prudential Regulation Authority 20 Moorgate London EC2R 6DA Policy Statement PS10/17 Ensuring operational
More informationConsultation Paper. the draft proposal for. Guidelines. on the implementation of the long term. guarantee adjustments and transitional.
EIOPA-CP-14/049 27 November 2014 Consultation Paper on the draft proposal for Guidelines on the implementation of the long term guarantee adjustments and transitional measures EIOPA WesthafenTower Westhafenplatz
More informationSupervisory Statement SS11/15 Solvency II: regulatory reporting and exemptions. March Appendix 2.11
Supervisory Statement SS11/15 Solvency II: regulatory reporting and exemptions March 2015 Appendix 2.11 Prudential Regulation Authority 20 Moorgate London EC2R 6DA Prudential Regulation Authority, registered
More informationWebinar. The Gibraltar Financial Services Commission. Solvency II Implications for Non-Executive Directors (NEDs) 28 th May 2015
Webinar Solvency II Implications for Non-Executive Directors (NEDs) 28 th May 2015 Kathryn Morgan, Director or Regulatory Operations Ken Hogg, Solvency II Project Manager Webinar 28 th May 2015 Agenda
More informationNN Group N.V Solvency and Financial Condition Report
NN Group N.V. 2017 Solvency and Financial Condition Report Contents Solvency and Financial Condition Report Summary 01 A. Business and 02 B. 07 C. 15 D. 17 E. 27 Appendix Quantitative Reporting Templates
More informationLondon & Colonial Assurance PLC
London & Colonial Assurance PLC Solvency and Financial Condition Report ( SFCR ) (for the financial year ended 31 December 2016) 1 Contents Executive Summary... 3 A. Business and Performance... 4 A.1 Business...
More informationIt is our understanding that an intercompany loan should be treated as a financial instrument and subject to market stresses as appropriate.
27 Oct 2014 Related topic Subtopic No. Para. Keywords Your question Answer SCR.5.8. Mktsp spread SCR.5.82 Credit Rating It is our understanding that an intercompany loan should be treated as a financial
More informationInsurance Directorate Industry Briefing. 24 October 2017
Insurance Directorate Industry Briefing 24 October 2017 Insurance Industry Briefing 2017 Sylvia Cronin, Director, Insurance Supervision, Central Bank of Ireland 24 October 2017 Introduction Increased Industry
More informationEIOPA- CP-14/ November 2014
EIOPA- CP-14/055 27 November 2014 Consultation Paper on the proposal for draft Implementing Technical Standards on the procedures, formats and templates of the solvency and financial condition report EIOPA
More informationLegal & General Group Plc. Solvency and Financial Condition Report
Legal & General Group Plc Solvency and Financial Condition Report 31.12.2016 1 Contents Summary... 4 Directors certificate... 10 Auditors report... 11 A. Business and performance... 16 A.1 Business...
More informationEnforcement Action. The Central Bank of Ireland. and. PartnerRe Ireland Insurance dac Partner Reinsurance Europe SE
Enforcement Action The Central Bank of Ireland and PartnerRe Ireland Insurance dac Partner Reinsurance Europe SE PartnerRe Ireland Insurance dac and Partner Reinsurance Europe SE fined 1,540,000 by the
More informationSAM QRT Workshop Asset Templates April 2013
SAM QRT Workshop Asset Templates April 2013 1 Agenda Welcome and introduction Background and guiding principles to the development of QRT s SAM Balance Sheet Asset QRT s General Questions and closure Renewed
More informationReport on long-term guarantees measures and measures on equity risk
EIOPA REGULAR USE EIOPA-BoS-17/334 20 December 2017 Report on long-term guarantees measures and measures on equity risk 2017 1/171 Table of Contents Executive summary... 3 I. Introduction... 6 I.1 Review
More informationSolvency II: Implementation Challenges & Experiences Learned
Solvency II: Implementation Challenges & Experiences Learned Appointed Actuary Symposium Actuarial Society of Hong Kong (ASHK) Jonathan Zhao - Actuarial Services Practice Leader, Asia Pacific 3 November
More informationPreparing for SII and IDD what is the best approach for local stakeholders to consider?
Preparing for SII and IDD what is the best approach for local stakeholders to consider? Experience with Solvency II implementation in Croatia Croatian Financial Services Supervisory Agency Gordana Letica,
More informationSupervisory Statement SS15/16 Solvency II: Monitoring model drift and standard formula SCR reporting for firms with an approved internal model
Supervisory Statement SS15/16 Solvency II: Monitoring model drift and standard formula SCR reporting for firms with an approved internal model October 2016 Prudential Regulation Authority 20 Moorgate London
More information