EIOPA has recently published a revised technical specification for the Solvency II valuation and solvency capital requirements calculations (Part I). The updated technical specification is a working document proposed by EIOPA to be used by insurance and reinsurance undertakings when performing calculations for future quantitative assessments of the Solvency II requirements. There are essential parts of the valuation framework still under political discussion and the document is not, therefore, intended to be a complete set of technical specifications for the Solvency II balance sheet valuation or the Solvency Capital Requirements calculations.
The technical specification is inspired by the knowledge that EIOPA has on the current status of the negotiations on the Omnibus II Directive, the working documents on implementing measures and its own work in the development of Technical Standards and Guidelines. EIOPA intend to incorporate the relevant elements of the technical provisions valuation, once the outcome of the Omnibus II Directive negotiations has stabilised.
Please click here for the full text of the revised technical specifications.