In the October edition of “Solvency II Matters”, the CBI provides an overview of the Solvency II Breakfast Briefing which it hosted on 28 October and sets out some information on a number of its recent publications including Policy Notices on both Discretions and Options on Submission of Information to the CBI under Solvency II and the Fitness & Probity Regime under Solvency II. Useful information is also provided on the Feedback Statement on Consultation Paper CP92 on the Domestic Actuarial Regime and the CBI’s intention to publish draft Conditions of Authorisation for all insurers once transposition of Solvency II takes place (latest estimate is confirmed as early November). By mid-November the Finance (Miscellaneous Provisions) Bill 2015 will also be passed. It will ensure continued regulation for insurers outside the scope of Solvency II.
The CBI’s Online Reporting System opened on 8 October 2015. Guidance is provided on the requirements for, and timing of, submission of Q3 2015 Solvency II preparatory reports. The CBI recommends that all low and medium-low impact firms sign up for the test environment, which will remain open until year end. Information on applicable filing rules and confirmation of the publication on 22 October of the EIOPA Solvency II DPM and XBRL taxonomy package is also included.
The CBI provides an update on the approval process for the eight internal model applications received so far and guidance for internal model companies is provided.
A checklist for Solvency II preparation is also provided.
A link to the newsletter is here.