Featured Product

    EIOPA Issues Update on the Internal Model Consistency Projects

    October 25, 2017

    EIOPA published an update on Internal Model Consistency Projects to strengthen supervisory consistency and convergence in the EU. Recently, EIOPA has implemented three internal model consistency workstreams—namely, Market and Credit Risk Benchmarking Study, Modeling of Sovereign Exposures, and Modeling of Dynamic Volatility Adjustment. This update summarizes the work carried out on these, along with the current status and the next steps.

    The activities are part of the follow-up on the Opinion on the preparation for internal model applications, which was issued in April 2015. In this Opinion, EIOPA had recommended that the national competent authorities should conduct comparative studies on the national competent authority level and contribute to, and make use of, corresponding studies on the EU level coordinated by EIOPA. Furthermore, provision for comparative studies, where undertakings are required to run their models on relevant benchmark portfolios, is included in Article 122 of the Solvency II Directive. The EIOPA Opinion also covered the modeling of sovereign exposures and stated that EIOPA would collect data and perform a follow-up study to assess the treatment of sovereign exposures in internal models in member states.

     

    Related Link: News Release

    Keywords: Europe, EU, Insurance, Solvency II, Internal Model, Consistency Projects, EIOPA

    Featured Experts
    Related Articles
    News

    MAS Concludes Blockchain Payments Prototype Shows Commercial Potential

    MAS and Temasek jointly released a report to mark the successful conclusion of the fifth and final phase of Project Ubin, which focused on building a blockchain-based multi-currency payments network prototype.

    July 13, 2020 WebPage Regulatory News
    News

    EBA Publishes Phase 2 of Technical Package on Reporting Framework 2.10

    EBA published phase 2 of the technical package on the reporting framework 2.10, providing the technical tools and specifications for implementation of EBA reporting requirements.

    July 10, 2020 WebPage Regulatory News
    News

    APRA Updates Reporting Validation Rules in July 2020

    APRA updated the lists of the Direct to APRA (D2A) validation rules for authorized deposit-taking institutions, insurers, and superannuation entities.

    July 10, 2020 WebPage Regulatory News
    News

    PRA to Partly Apply EBA Guidelines on Disclosures for COVID Measures

    PRA updated the statement that provides guidance to regulated firms on implementation of the EBA guidelines on reporting and disclosure of exposures subject to measures applied in response to the COVID-19 crisis.

    July 10, 2020 WebPage Regulatory News
    News

    EBA Updates List of Correlated Currencies Under CRR

    EBA updated the 2019 list of closely correlated currencies that was originally published in December 2013.

    July 10, 2020 WebPage Regulatory News
    News

    FASB Proposes to Delay Implementation of Insurance Contracts Standard

    FASB issued a proposed Accounting Standards Update that would grant insurance companies, adversely affected by the COVID-19 pandemic, an additional year to implement the Accounting Standards Update No. 2018-12 on targeted improvements to accounting for long-duration insurance contracts, or LDTI (Topic 944).

    July 09, 2020 WebPage Regulatory News
    News

    APRA Updates Regulatory Approach to Loan Deferrals Amid COVID Crisis

    APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.

    July 09, 2020 WebPage Regulatory News
    News

    BCBS and FSB Set Out Recommendations for Benchmark Transition

    BCBS and FSB published a report on supervisory issues associated with benchmark transition.

    July 09, 2020 WebPage Regulatory News
    News

    IAIS Sets Out Recommendations for Benchmark Transition for Insurers

    IAIS published a report on supervisory issues associated with benchmark transition from an insurance perspective.

    July 09, 2020 WebPage Regulatory News
    News

    ESMA Updates Reporting Manual on European Single Electronic Format

    ESMA updated the reporting manual on the European Single Electronic Format (ESEF).

    July 09, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5464