EIOPA Update Dec 2014

Author:Ms Sharon Daly and Darren Maher
Profession:Matheson
 
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EIOPA consults on calculation process for the Solvency II relevant risk free interest rate 

EIOPA has published a consultation paper on the calculation process for the Solvency II relevant risk free interest rate. The Technical Document sets out the methodology, assumptions and identification of the data for the calculation of the relevant risk free interest rate term structures which are used for the calculation of technical provisions. Comments are welcomed from interested stakeholders in advance of 21 November 2014.

Please click here to view the consultation documentation in full. 

EIOPA submits first set of Solvency II ITS 

EIOPA has delivered the first set of draft Solvency II Implementing Technical Standards (ITS) to the European Commission which must be endorsed by the Commission within three months. They will subsequently be translated into all official EU languages and will become legally binding.

To view the draft ITS, please click here. 

EIOPA publishes 2015/16 Action Plan for Colleges and list of cross-border insurance groups for which a college is in place

EIOPA has published the Action Plan 2015/16 for Colleges of supervisors, together with a list of cross-border (re)insurance groups for which a College is in place (the "List"). The main focus of the Action Plan is the implementation of Solvency II in 2016 and the significant supervision changes under the new regime.

The List aims at increased transparency for ensuring that non-EEA supervisors are aware of the existence of a College for a particular group. The List includes the name of the group, the country of the authority of the group supervisor as well as the countries where subsidiaries and/or significant branches are situated.

To view the Action Plan click here, to view the List click here.

Guidelines on the use of the Legal Entity Identifier

On 20 October 2014, EIOPA issued Guidelines on the use of the Legal Entity Identifier ("LEI") in all the official EU languages. The use of LEI applies to all information collected by EIOPA, including Solvency II reporting and registers. The Guidelines state that all national competent authorities ("NCAs") must ensure that all institutions under their supervisory remit obtain a LEI code.

EIOPA also published the Final Report on the public consultation on the draft Guidelines relating to the use of LEI, which contains the impact assessment of the Guidelines and EIOPA's Feedback Statement on the public consultation.

NCAs should...

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