EC Issues Corrigendum to Regulation Related to Solvency II
EC issued a corrigendum to the Commission Delegated Regulation (EU) 2019/981 of March 08, 2019 (published in the Official Journal of the European Union on June 18, 2019). Regulation (EU) 2019/981 amends the Delegated Regulation (EU) 2015/35, which supplements the Solvency II Directive (2009/138/EC) on the taking-up and pursuit of the business of insurance and reinsurance. The corrigendum announces correction in Article 1(48) on page 33.
As per the corrigendum, Article 1(48) of Regulation (EU) 2019/981 should be read as—"in Article 199, the following paragraphs 12 and 13 are added:
12. Notwithstanding paragraphs 2 to 11, exposures referred to Article 192(3) shall be assigned a probability of default equal to 0,002 %.
13. Notwithstanding paragraphs 2 to 12, exposures referred to Article 192(3a) shall be assigned a probability of default equal to 0,01 %."
Related Links
Keywords: Europe, EU, Insurance, Securities, Solvency II, Regulation 2019/981, Regulation 2015/35, Corrigendum, Credit Risk, EC
Featured Experts
Adam Koursaris
Asset and liability management expert; capable modeler; risk and capital specialist
Cassandra Hannibal
IFRS 17 subject matter expert; actuary; risk management and capital projection specialist
Jerome Ogrodzki
Insurance asset and liabilities modeling specialist; stochastic modeling expert
Previous Article
APRA Updates Guidance on Managing Information Security RisksRelated Articles
RBNZ Publishes Financial Stability Report for May 2020
RBNZ published the financial stability report for May 2020. This review of the financial system in the country highlights that the economic disruption associated with COVID-19 will present challenges to the financial system.
HKMA Consults on Supervisory Policy for OTC Derivatives Transactions
HKMA is consulting on revisions to the Supervisory Policy Manual module CR-G-14 on margin and other risk mitigation standards for non-centrally cleared over-the-counter (OTC) derivatives transactions.
EBA Examines Impact of COVID Crisis on Banking Sector in EU
EBA published thematic note presenting a preliminary assessment of the impact of COVID-19 outbreak on the banking sector in EU.
HKMA Clarifies Regulatory Treatment of Measures to Ease COVID Impact
HKMA published a circular, addressed to authorized institutions, on the application of the Basel Committee guidance on certain COVID-related measures.
PRA on Regulatory Capital and IFRS 9 Requirements for Payment Holidays
PRA provided further information on the application of regulatory capital and IFRS 9 requirements to payment holidays granted or extended to address the challenges arising from COVID-19 outbreak.
PRA Finalizes Policy on Supervisory Approach for Insurance SPVs
PRA published final policy (in PS13/20) setting out the approach and expectations for authorization and supervision of insurance special purpose vehicles (ISPVs or insurance SPVs).
BoE Publishes Version 2.0.1 of Capital+ XBRL Utility
BoE published version 2.0.1 of the Capital+ XBRL Utility, along with the related release notes.
HKMA on Fintech Adoption and Innovation by Banks in Hong Kong
HKMA announced the publication of a report on fintech adoption and innovation in the banking industry in Hong Kong.
BIS on Impact of Increasing Use of Cloud Technology on Cyber Risk
BIS published a working paper that examines the drivers of cyber risk, especially in context of the cloud services.
ECB Consults on Guide for Managing Climate and Environmental Risks
ECB launched consultation on a guide specifying how the Banking Supervision expects banks to consider climate-related and environmental risks in their governance and risk management frameworks and when formulating and implementing their business strategy.
