EIOPA today submitted to the European Commission three draft technical standards (RTS/ITS) and published one set of revised guidelines to support the implementation of the reviewed Solvency II Directive. The Commission has three months to decide whether to adopt the draft technical standards.
The four documents cover:
- Identification of insurance undertakings under dominant or significant influence or managed on a unified basis (RTS)
Specifies factors to help supervisory authorities identify insurance groups under dominant or significant influence or managed on a unified basis, relevant for group supervision purposes.
- Criteria for relevance of cross-border activities (RTS)
Sets out conditions and criteria host supervisors should consder when assessing the relevance of cross-border activities, supporting enhanced supervisory cooperation under the revised framework.
- Lists of regional governments and local authorities’ exposures (ITS)
Updates the list of regional and local authorities whose exposures are treated as equivalent to central government exposures (0% risk factor for spread and concentration risk under the standard formula).
- Guidelines on undertaking-specific parameters
Revised guidelines streamline and correct outdated legal references without changing the substance. The number of guidelines is reduced by 21% in line with EIOPA’s approach to simplifying regulation.