Central Bank Solvency II Matters - Issue 5

Author:Ms Breeda Cunningham
Profession:Dillon Eustace

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The fifth edition of the newsletter, circulated on 5 August 2011, focuses on the latest Solvency II policy developments and implementation activities and events, including the following:-

Formal Application – over 50 firms have declared their intention to use internal models to calculate their Solvency Capital Requirement ("SCR") upon the implementation of Solvency II. The Central Bank stresses that participating in the internal model pre-application process does not imply the approval of models; European Insurance and Occupational Pensions Authority ("EIOPA") Consultation – EIOPA is currently developing XBRL taxonomy, describing Solvency II reporting in the harmonised data format to be used for the transmission of Quantitative Reporting Templates. On 22 July 2011, it launched a technical...

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