The Solvency II Experts News

The consultation period for the first wave of CEIOPS’ 2009 consultation papers has now passed, with the second wave expected imminently. Although the consultation papers amounted to over 300 pages, across 12 consultation papers, it is probably fair to say that there were no ‘show-stoppers’ arising from the consultations. That is not to say that there were not any important issues arising from the consultations – there have been many comments made by various stakeholders identifying issues which will need to be addressed and considered – but it does demonstrate how an open and co-operative discussions between regulators and industry can help to develop a sensible, workable and more secure supervisory regime.

The remainder of 2009 is likely to be taken up with the remaining Second and Third consultation waves, currently expected to span July-September and November-December. However whilst the remaining consultation papers are awaited, it might be worth reflecting on some of the more salient issues arising from the first wave of consultations, at least from a General Insurance perspective.
The following issues are those that we have identified as some of the concern to our members who are general insurance companies operating in the London commercial insurance market.

Click here to read full article.

Now that the Directive has been adopted, CEIOPS can at last concentrate on the implementing measures. CEIOPS in fact published several consultation papers in March of this year.

The postponement of the CEIOPS’ paper and the vagueness of current available information add to the confusion over how partial internal models might be used. These are however central to Solvency II as they are likely to be the choice of the majority of insurers. This article discusses definition problems and challenges that have been identified by various solvency II experts in relation to the use of partial internal models. Click here to read full article.

Background The Solvency II Framework Directive sets out the basic requirements of Solvency II. In places, it provides for the putting in place of implementing measures in relation to specific issues. ...

The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) has released its planned timetable for the next public consultation on Solvency II level 2 implementing measures. The timetable shows the topics to be covered and the dates of consultation.  Click here to download the timetable.

There will be two periods of consultation: July – September 2009 and November – December 2009. The timetable covers 44 topics and CEIOPS will publish its advice prior to each consultation period, although it’s understood that the papers for the first of these periods won’t be released till 1 July.