Following a request for consultation by the European Commission, the European Insurance and Occupational Pensions Authority (EIOPA) recently published its Discussion Paper on the review of specific items in the Solvency II Delegated Regulation, inviting industry players and other practitioners to provide their comments by the 3rd March, 2017.
The Delegated Regulation review and, in particular, that of the Solvency Capital Requirement (“SCR”) standard formula aims at simplifying the SCR standard formula and ensures the proportionate application of the requirements. The review will produce sufficient data to achieve a proportionate and technically consistent supervisory regime for insurance and reinsurance undertakings.
Following its review EIOPA shall be making submissions to the Commission on suggested changes in methods, assumptions and standard parameters, where appropriate, as well as additional policy options all the while maintaining close discussions with all relevant stakeholders.
Contributions received will be published on EIOPA’s public website at the end of the public consultation period. In light of the feedback received, EIOPA is anticipated to prepare its consultation papers on its advice to the European Commission during 2017.