Selected recent Solvency II news items:
On 25 November the PRA published PS33/16 "Solvency II: consolidation of Directors’ letters" and a number of supervisory statements. The 4 new supervisory statements deal with the ORSA, reinsurance – counterparty default risk, internal models and longevity risk transfers. The former covers the ORSA report, the firm’s policy regarding its ORSA and the associated processes. The 3 updated supervisory statements deal with deferred tax, transitional measures and treatment of pension scheme risk.
On 23 November, the EC published the results from the Call for Evidence on EU financial services. The documents contain action plans on a wide range of issues and many of the insurance related areas are in respect of Solvency II. This includes the ongoing measures on long term investment and proportionality of rules. In respect of the latter, it is worth noting that EIOPA is expected to report on the implementation of the proportionate reporting requirements for small insurers by the end of 2016. Also, I expect to hear more on the Regulatory Fitness and Performance (REFIT) programme and financial data standardisation.
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