EIOPA Issues Solvency II Technical Specification

Author:Ms Sharon Daly

Revised technical specifications for the Solvency II valuation and Solvency Capital Requirements calculations (Part I) EIOPA has recently published a revised technical specification for the Solvency II valuation and solvency capital requirements calculations (Part I). The updated technical specification is a working document proposed by EIOPA to be used by insurance and reinsurance undertakings when performing calculations for future quantitative assessments of the Solvency II requirements. There are essential parts of the valuation framework still under political discussion and the document is not, therefore, intended to be a complete set of technical specifications for the Solvency II balance sheet valuation or the Solvency Capital Requirements calculations. The technical specification is inspired by the knowledge that EIOPA has on the current status of the negotiations on the Omnibus II Directive, the working documents on implementing measures and its own work in the development of Technical Standards and Guidelines. EIOPA intend to incorporate the relevant elements of the technical provisions valuation, once the outcome of the Omnibus II Directive negotiations has stabilised. Please click here for the full text of the revised technical specifications. EIOPA to launch the technical assessment of the Long-Term Guarantees package EIOPA will assess the impact of the Solvency II Long-Term Guarantees "LTG" package as requested by the Trilogue parties (the European Parliament, the Council of the EU and the European Commission). The Long-Term Guarantee Assessment "LTGA" is being completed at the request of the Trilogue parties in the context of the negotiations of the Omnibus II Directive. The goal of the LTGA is to assess the effects that the implementation of the various elements of the package may have on...

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