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EIOPA consults on a second set of Advice for the Review of the Solvency Capital Requirements

At the beginning of November, the European Insurance and Occupational Pensions Authority (EIOPA) published a consultation paper on a second set of Advice for the review of the Solvency Capital Requirement (SCR) of Solvency II as foreseen in the Directive and its Delegated Acts.

The consultation focuses on the remaining elements in the review of the SCR standard formula not covered by the Advice submitted to the European Commission on 30 October 2017.

With this consultation, EIOPA continues the important Solvency II review process with the aim to ensure a proportionate and technically robust, risk-sensitive and consistent supervisory regime for the insurance sector, as well as to propose possible simplifications.

EIOPA is consulting on overarching aspects of the SCR standard formula and soliciting stakeholder feedback on key sub-modules such as the loss-absorbing capacity of deferred taxes calculation, the calculation of non-life and life underwriting risks, catastrophe risks, unrated debt and unlisted equity and other topics such as cost of capital in the calculation of the risk margin.

The outcome of the consultation will result in the second set of Advice to be submitted to the European Commission by end-February 2018. The consultation period ends on Friday, 5 January 2018.

The consultation paper and the template for comments can be viewed here.

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