EIOPA held a stakeholder event on its 2020 internal model non-life comparative study (NLCS) on 5 November.
The secretariat of Insurance Europe highlights the following:
- EIOPA noted that it aims at having a deep understanding of internal models and that it considers internal models as an important part of the SII framework.
- Focus is made on data quality, to avoid drawing the wrong conclusions. This is even more important considering that EIOPA intends to make a public report based on this study, which was not the case with the previous exercise.
- The presentation reflects work in progress, the study still has to go through the governance process for validation.
EIOPA invites participants provide individual feedback by 20 November 2020 (to NLCS@eiopa.europa.eu). This feedback should be constructive, specific, and concise in order to improve the NLCS 2020 in the completion of its objectives and priorities. Insurance Europe will not provide consolidated feedback.