EIOPA_GL-Guidelines-on-recognition-and-valuation-of-assets-and-liabilities-other-than-technical-provisions… The PRA will be taking full account of the Guidelines in its ongoing supervision of the new Solvency II regulatory framework. endobj
2/8 1. This Prudential Regulation Authority (PRA) Policy Statement (PS) provides feedback to responses to Consultation Paper (CP) 11/19 ‘Solvency II: Maintenance of the transitional measure on technical provisions’ (see page 2 of 2). x��WYo�F~����dZ-�>è�p��i���!S�P[r$:m��;�$%��ڊ�����7�~�-����,���� ;*�|z[\���xY�������C�]�7�E^Η��Cr|zB�'�AvƉ'��p� �N���)"%��gr?0r���pp��S�\�.�t��|r����_����`h��!zMm�ꀱc~�w�����nk��1]�/źLG&�MM��`)ґL��@�%��
W����t����Sk��7�^ܥ#��`��!���BXNe/�(j�����FXGu�`"���Ŧ>$y��p�W:�����U�ż��Rk��+�ZF=߯ e�k{^���t�U���t7��[1h�ޯ͊j�l�⚺^�'���9��/5
��W\��^��T5T��-a�'C&ӫ�k�y,���|��^�P�+�#�{�l'��j��bS�Y��O�Q �+Z�
�uAcur�wA4.���x8����z�ˍo*{GR�+����+Ab�F_+*{hs����^��o$�� ]9mT1�2���#��%��j�s�
U�k�u� q��I�q�Z����Ms�G8�P�\��n�6�RY�ϡ����$Yl ��������l�M�)��(�Qo`���ޑU1��� �t��*c"ȿ��2O�)���o It also contains the PRA’s final Supervisory Statement (SS) 6/16 ‘Maintenance of the ‘transitional measure on technical provisions’ under Solvency II’ (see Appendix). 2. <>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 594.96 842.04] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>>
1.2. stream
3 of 5 November 2013 on the implementation of the provisions of Article 23 of Law No. They are therefore also a key input into the Solvency Capital Requirement (SCR) calculationwhich models the potential movement in the Solvency II balance sheet over a one year time horizon. the valuation of assets and liabilities other than technical provisions that is essential to build a “Solvency II balance sheet”. 1.2 Why are technical provisions important? The Guidelines on valuation of technical provisions are formulated to increase consistency and convergence of professional practice for all types and sizes of undertakings across Member States and to support undertakings in calculatin EIOPA’s interim Guidelines What insurers need to do EMEA Centre for Regulatory Strategy Document Variables Document Title Preparing for the interim Guidelines Document Subtitle What insurers need to do. These Guidelines are drafted according to Article 16 of Regulation (EU) No 1094/2010 of the European Parliament and of the Council (hereinafter EIOPA Regulation)3. Comply-or-explain procedure for EIOPA guidelines Whenever EIOPA publishes guidelines or recommendations, the supervisory authorities of the Member States must inform EIOPA within two months if they comply or intend to comply with these. 2 0 obj
Guidelines on the valuation of technical provisions (EIOPA-BoS-14/166 EN) The final policy is intended to provide: 1. further clarity on the consistency of Solvency I and Solvency II met… Press Releases; Calendar; Speeches & Presentations ; Interviews; Multimedia gallery; Publications Currently selected. The Guidelines relate to Article 75 of Directive 2009/138/EC of the European <>>>
2017. The Guidelines are set out in five papers and include around 500 individual guidelines. 14/036 on Guidelines on the loss-absorbing capacity of technical provisions and Technical Provisions submission instructions (for half year as at 30.06.11 and projected year end at 31.12.11) Download. Guidelines on the valuation of technical provisions (EIOPA-BoS-14/166 EN) Introduction; Section 1: Data quality; Section 2: Segmentation and unbundling; Section 3: Assumptions; Section 4: Methodologies to calculate technical provisions; Section 5: Validation; Technical Annex I- Simplification for the attribution of the overhead expenses The guidance offers practical solutions in places but these should not yet be taken as Lloyd’s requirements or rules. Guidelines on recognition and valuation of assets and liabilities other than technical provisions 1. endobj
Although addressed to national competent authorities (NCAs), they have a direct impact on authorised (re)insurers. guidance for the application of IFRSs as the default valuation framework. According to Art 73 of the EIOPA Regulation referring to language arrangements, EIOPA issues its Guidelines in all EU official languages (with the exception of Irish, according to Council Regulation (EU) No 1257/2010). EIOPA responded that Guidelines’ scope is clearly on providing guidance on the application of IFRSs for the purpose of a market-consistent valuation, which is in line with the approach as outlined in Solvency II and in the Commission Delegated Regulation. The technical provisions are a direct input into the balance sheet. Supervisory Authority (“EIOPA Regulation”)1 EIOPA has drafted Guidelines on the loss-absorbing capacity of technical provisions and deferred taxes. In case of divergence between different versions, please inform EIOPA info{at}eiopa.europa.eu about the provision in question. If those standards allow for more than one valuation method, As a result of the above, on 2 June 2014 EIOPA launched a Public Consultation on the draft guidelines on the valuation of technical provisions. A. In order to take into account the cross-sectoral implications of this mandate, the three European Valuation of all assets and liabilities, other than technical provisions, should be carried out, unless otherwise stated in conformity with international accounting standards as endorsed by the European Commission in accordance with Regulation (EC) No 1606/2002.