European Insurance: Solvency II (12 September 2016)

OAC Digest
EU / European Parliament / EIOPA, Life insurance, Solvency II

12 September 2016

Selected recent Solvency II news items:

On 9 September, the PRA published Policy Statement 24/16: Solvency II: external audit of the public disclosure requirement.  This is relevant to firms in scope of Solvency II and applies to financial years ending on or after 15 November 2016. There are no substantive changes to the Rulebook (including scope) from that contained in the consultation paper (see past digest).  The Supervisory Statement contains revisions to template numbering to be consistent with the ITS for the SFCR and now refers to "relevant elements" [of the SFCR] and "other information."

EIOPA's Head of Regulations spoke at the Slovenian Insurance Conference at the start of September. Dr. Manuela Zweimueller's speech, titled "Looking back to look ahead: First experience with Solvency II Implementation and the way forward" made reference to:

  • the Supervisory Handbook EIOPA is developing on a step-by-step basis;
  • the importance and benefits of the ORSA;
  • the need to promote and explain the Solvency II disclosure elements; and
  • the need to consider sovereign risk when reviewing the the Pillar 1 standard formula.
David Gray

For more information
David Gray
Consultant Actuary

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