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 %."
Keywords: Europe, EU, Insurance, Securities, Solvency II, Regulation 2019/981, Regulation 2015/35, Corrigendum, Credit Risk, EC
Previous ArticleIMF Joins Network for Greening Financial System as an Observer
Next ArticleFED Proposes to Revise and Extend Form FR Y-9C
In a letter addressed to the industry, the Australian Prudential Regulation Authority (APRA) set out an updated schedule of policy priorities for the banking, insurance, and superannuation industries.
The European Commission (EC) adopted a comprehensive review package of Solvency II rules in the European Union.
The Office of the Comptroller of the Currency (OCC) issued Versions 1.0 of the "Earnings" and "Regulatory Reporting" booklets of the Comptroller's Handbook.
The European Central Bank (ECB) published results of its economy-wide climate stress test, which aimed to assess the resilience of non-financial corporates and euro area banks to climate risks.
The European Banking Authority (EBA) published a report on the use of digital platforms in the banking and payments sector in European Union.
The Hong Kong Monetary Authority (HKMA) published updates on the policy measures that were announced in context of the ongoing pandemic.
The International Swaps and Derivatives Association (ISDA), along with several other associations, submitted a joint response to the Basel Committee on Banking Supervision (BCBS) consultation on preliminary proposals for the prudential treatment of cryptoasset exposures.
BIS published the September issue of the Quarterly Review, which contains special features that analyze the rapid rise in equity funding for financial technology firms, the effectiveness of policy measures in response to pandemic, and the evolution of international banking.
The Basel Committee for Banking Supervision (BCBS) met in September 2021 and reviewed climate-related financial risks, discussed impact of digitalization, and welcomed efforts by the International Financial Reporting Standards (IFRS) Foundation to develop a common set of sustainability reporting standards
The Office of the Comptroller of the Currency (OCC) issued a Cease and Desist Order against MUFG Union Bank for deficiencies in technology and operational risk governance.