EIOPA s first set Guidelines for Solvency II. IRSG meeting 29 April 2014, Frankfurt
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1 EIOPA s first set Guidelines fr Slvency II IRSG meeting 29 April 2014, Frankfurt
2 Intrductin Cntent 5 areas: Pillar 1 (TP, OF, SCR, Valuatin), Internal Mdels, Gvernance and ORSA, Equivalence, SRP Prcess Cnsultatin June end August Final draft Nvember Translatin December beginning February 2015 Cmply-r-explain February-end March Available fr start f apprval prcess frm 1 April 2015 Areas f general fcus Cnvergence, prprtinality, relevance and quality f the GL Fr internal mdels, gvernance and ORSA: fcus n new elements cmpared t the preparatry package 2
3 Pillar 1 (Valuatin, technical prvisins, wn funds, slvency capital requirements, Grup Slvency Calculatin)
4 Valuatin f assets and liabilities ther than technical prvisins Objective: Prvide further guidance n the use f IFRSs fr the purpses f a market-cnsistent valuatin Main elements: Spell ut which IFRSs are applicable Guidance n alternative valuatin methds Materiality and prprtinality cnsideratins Final decisin n the GL and their inclusin in set 1 t be based n BOS decisin 21 May pending view n cntent f the DA 4
5 Technical prvisins Objectives T increase cnsistency and cnvergence f prfessinal practice fr all types and sizes f undertakings acrss Member States in calculating their technical prvisins. Main Elements Valuatin f Technical Prvisins Bradly divided int Data Quality, segmentatin, assumptins setting, chice f methds and validatin fr the TP calculatin. Particularly relevant t actuaries and thers wh may be appinted t carry ut the tasks f the actuarial functin, e.g. crdinating and validating TP valuatin. Cntract Bundaries Fr determining a bundary between existing and future business and thus in rder t determine which bligatins in regard t future premiums arise in relatin t a cntract. 5
6 Own Funds Backgrund Own funds items are classified int 3 tiers depending n their ability t absrb lsses (classificatin based n general characteristics in Directive, mre detailed features in the delegated). Basic and ancillary wn funds (AOF) Main elements Cnvergent applicatin f the classificatin criteria and guidance n classificatin f main types f AOF items (as Tier 2 r Tier 3) Set ut several supervisry apprval prcesses (e.g. classificatin f items nt n the list ) Guidance n identificatin and treatment f ring-fenced funds Guidance n identificatin and treatment f related undertakings, including strategic participatins 6
7 SCR (Standard Frmula) (1) Backgrund and main elements Market risk Treatment f shrt psitins, securities lending agreements, hybrids and emplyee benefit liabilities, and calculatin f duratin in certain situatins Lk thrugh Lk-thrugh apprach applies t certain investments (e.g. cllective investment undertakings) Guidelines cver, (1) Situatins where the lk-thrugh apprach has t be applied, (2) calculatin in the case f indirect expsures t underwriting risk like cat bnds, (3) Treatment f indirect expsures within indirect expsures (e.g. funds investing in ther funds) Basis Risk Undertakings can nly include the effect f risk-mitigatin techniques when calculating the SCR if these techniques d nt result in material basis risk. Guidelines cver the criteria fr existence f basis risk 7
8 SCR (Standard Frmula) (2) Backgrund and main elements Life underwriting risk Calculatin f the stresses t mrtality, lngevity, disability-mrbidity inceptin and disability-mrbidity recvery rates Treatment f cntracts which prvide fr benefits in different states f disability Health Catastrphe risk Undertakings have t accunt fr mass accident, accident cncentratin and pandemic risk. Guidelines address quantities necessary t cmpute the capital requirement fr health catastrphe risk and data t be used Lss absrbing capacity The calculatin f the SCR reflects that Sme lsses are shared with plicyhlders (lwer discretinary benefits) and gvernments (lwer tax) Guidelines address level f granularity, assumptin abut future management and ther elements f the calculatin. 8
9 SCR Catastrphe risk (Standard Frmula) (3) Backgrund and main elements Applicatin f reinsurance Cver steps t apply utward reinsurance in respect f catastrphe risk: (i) specificatin f events, (ii) disaggregatin f lss, (iii) applicatin f utwards reinsurance, (iv) re-aggregatin f net lsses and (v) dcumentatin and validatin. They als cver the applicatin t grups. Applicatin f the Man-Made Liability Cver the determinatin f the number f liability risks with the largest limits in each f the liability risk grups needed as input t apply reinsurance cver. Allcatin f insurance plicies t liability risk grups fr the manmade liability Set ut hw liability plicies shuld be allcated t the 5 risk liability grups. Address liability insurance sld n a packaged basis and the necessary unbundling. 9
10 Undertaking-specific parameters Backgrund Undertakings may use undertaking-specific parameters in the calculatin fr certain sub-mdules f the standard frmula The apprval prcess fr USP is cvered in the ITS Main elements Data quality Adjustments t data Use f external data Rle f expert judgement 10
11 Grup Slvency Calculatin Objectives: Clarity and further specify grup slvency calculatin requirements, in particular with regard t: Scpe f grup supervisin in the cntext f third-cuntries Applicatin f mutatis mutandis f sl slvency calculatin at grup level Calculatin f grup slvency when applying accunting cnslidatin methd, deductin and aggregatin methd and cmbinatin f methds Main elements: Assessment f availability f Own Funds at grup level and the treatment f minrity interests Treatment f ring-fenced funds Treatment f insurance hlding cmpanies and mixed financial hlding cmpanies fr the purpse f grup slvency calculatin In additin, GLs set criteria fr identifying subsidiaries with limited liability and specify their treatment 11
12 Internal Mdels
13 GL n the use f internal mdels Objective: Prvide guidance t undertakings n the use f internal mdels under Slvency II and t supervisrs t assess mdels Main elements: Similar cntent as preparatry GLs Further guidance t undertakings n hw t fulfil internal mdels requirements Functining f clleges fr internal mdels fr grups 13
14 Gvernance and ORSA
15 System f Gvernance 1. General gvernance issues 2. Remuneratin 3. Fit and prper 4. Risk management 5. The prudent persn principle 6. Own fund requirements and the system f gvernance 7. Internal cntrls 8. Internal audit functin 9. Actuarial Functin 10. Valuatin f assets and liabilities ther than technical prvisins 11. Outsurcing 12. Grup gvernance specific issues 15 15
16 ORSA Guidelines are based n the preparatry Guidelines fr the Frward Lking Assessment n Own Risks (based n ORSA principles) Main elements: Gvernance f the prcess 3 Assessments Reprting / dcumenting Grup specific 16
17 Supervisry Review Prcess
18 Guideline n Supervisry Review Prcess (SRP) Objective: T attain cnsistent utcmes thrugh the cnvergence f supervisry prcesses and practices But als ensure sufficient flexibility fr NSAs t be able t apprpriately adapt their actins n a case-by-case basis, taking int accunt the specificities f the undertakings and grups invlved, their wn markets and ther supervisry pririties Main elements: A first part n the general principles t be applied by supervisrs when perfrming the SRP (cnsistency, prprtinality, etc.); and A secnd part that describes the several steps f the prcess. 18
19 Equivalence
20 GL n Equivalence Objective: t ensure that grup supervisrs fllw a cnsistent apprach based n the Equivalence criteria set in Delegated Acts and mitigate risks n different utcmes Main elements: a detailed descriptin f the prcess natinal supervisry authrities shuld fllw when undertaking the assessment at natinal level; a questinnaire which must be used fr cllecting the infrmatin needed frm the 3rd cuntry/undertaking cncerned. 20
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