General Insurance Article - EIOPA publishes paper to support the application of SII


 The European Insurance and Occupational Pensions Authority (EIOPA) has published the Underlying Assumptions in the standard formula for the Solvency Capital Requirement(SCR) calculation.

 The paper aims to support supervisors and undertakings in application of the Solvency II Preparatory Guidelines on forward looking assessment of own risks(FLAOR).

 EIOPA committed to develop this paper as a follow-up to its public consultation on Solvency II Preparatory Guidelines in 2013. Several stakeholders asked for a transparent and comprehensive guidance on how to fulfil the requirement to assess the deviation of their risk profile from the underlying assumptions in the FLAOR process, and EIOPA has acknowledged the need for such clarifications. Undertakings are requested to fulfil this assessment in their FLAOR from 2015 onwards.

 The legal status of the document is similar to the Technical Specifications issued by EIOPA in April 2014. It reflects the content of the Solvency II and Omnibus II Directives as well as the available draft of the (Level 2) Delegated Acts.

Back to Index


Similar News to this Story

Hurricanes and earthquakes could lead to USD300bn losses
Following the long-term annual growth trend of 5–7%, global insured natural catastrophe losses may reach USD 145 billion in 2025, mainly driven by sec
FCA set to launch live AI testing service
The FCA is seeking views from firms about how its live AI testing service can help them to deploy safe and responsible AI, which will benefit UK consu
Over one third of London market firms now actively using AI
The Lloyd’s Market Association (LMA) has hosted a seminar on the use of AI within the London specialty market. The seminar referenced results from a r

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.