The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) has recently published its final set of advice on Solvency II Level 2 Implementing Measures and the first consultation on Level 3 Guidance.
The final Level 2 Implementing Measures, released on 29 January 2010, relate to a number of diverse areas including captives, calculation of the SCR and partial internal models. CEIOPS noted that it received over 6,800 comments on the consultation papers relating to the measures, with the responses split between insurance companies, mutuals and groups (36%), national and European associations (33%) and other stakeholders (31%). CEIOPS' covering letter to the European Commission can be found here and a summary of the feedback from the consultations is here.
The Consultation Paper on Level 3 Guidance, released on 28 January 2010, provides guidance to and seeks input from the industry on the pre-application process for undertakings that are planning to use an internal model to calculate the SCR and the operation of the College of Supervisors within this context. CEIOPS notes that the Consultation Paper does not cover the application, assessment or decision processes for the approval of an internal model or the tests and standards for approval. Responses are requested by 8 March 2010 and a copy of the Consultation Paper can be found here.