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EIOPA (2014a)Final Report on Public Consultation No 14/017 on Guidelines on own risk and solvency assessmenthere

Executive Summary

"Introduction

According to Article 16 of Regulation (EU) No 1094/2010 (hereinafter "EIOPA Regulation") EIOPA may issue Guidelines addressed to competent authorities or financial institutions.

EIOPA shall, where appropriate, conduct open public consultations and analyse the potential costs and benefits. In addition, EIOPA shall request the opinion of the Insurance and Reinsurance Stakeholder Group (hereinafter "IRSG") referred to in Article 37 of the EIOPA Regulation.

According to Article 45 of Directive 2009/138/EC1 (hereinafter "Solvency II") and according to Article 262 and 306 of Commission Delegated Regulation (EU) No 2015/35 ("Commission Delegated Regulation 2015/35"), EIOPA has developed guidelines on own risk and solvency assessment.

As a result of the above, on 2 June 2014 EIOPA launched a public consultation on the draft Guidelines on own risk and solvency assessment. The Consultation Paper is also published on EIOPA’s website.
These Guidelines are addressed to competent authorities to:

- provide for a sound and prudent risk management of undertakings through a better understanding of the undertaking’s overall solvency needs and capital allocation as well as the interrelation between risk and capital management in a forward looking perspective;

- provide an additional perspective on solvency assessment by assessing the undertaking’s risk profile against the assumptions underlying the calculation of its regulatory capital requirements with a view to checking whether the risk profile is adequately covered by the Solvency Capital Requirement.

Content

This Final Report includes the feedback statement to the Consultation Paper (EIOPA-CP-14/017) and the Guidelines. The Impact Assessment and the resolution of comments are published on EIOPA’s website."


Additional Nematrian Commentary

This document provides finalised EIOPA guidelines on how to carry out an insurer's own risk and solvency assessment under Solvency II.


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