Insurance industry representatives have called on the European Insurance
and Occupational Pensions Authority (Eiopa) to soften draft Solvency II
technical specifications, arguing that some of the specifications are
not aligned with parts of the Solvency II legislation and impose harsher
requirements than politicians intended.
An updated draft of the technical specifications, circulated in March for consultation, is inconsistent with the Solvency II delegated acts in relation to ring-fencing requirements and the calculation of the volatility adjustment, insurers say.
The technical specifications provide the details that insurers will use both to calculate their regulatory capital for forthcoming Eiopa stress tests and to complete reporting exercises during the preparatory period for Solvency II, which comes into force in 2016. They are subordinate to the delegated acts – the second layer of Solvency II legislation now being finalised by the European Commission.
Read more: Solvency II technical draft too harsh, firms claim - Risk.net
An updated draft of the technical specifications, circulated in March for consultation, is inconsistent with the Solvency II delegated acts in relation to ring-fencing requirements and the calculation of the volatility adjustment, insurers say.
The technical specifications provide the details that insurers will use both to calculate their regulatory capital for forthcoming Eiopa stress tests and to complete reporting exercises during the preparatory period for Solvency II, which comes into force in 2016. They are subordinate to the delegated acts – the second layer of Solvency II legislation now being finalised by the European Commission.
Read more: Solvency II technical draft too harsh, firms claim - Risk.net
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