FSC hosted a meeting of the Panel to the Committee of European Insurance and pension insurance supervision (CEIOPS)

For the first in Sofia was held a meeting of expert group for internal models to the Committee of European Insurance and Supervision pensionniosiguritelni (CEIOPS) hosted by the Financial Supervision Commission. Attended by 30 representatives from various European insurance supervisory institutions, which two days working on the basic commitment of the expert group for internal models to prepare a proposal to the European Commission on measures of the second level of implementation of the Framework Directive, Solvency II. These measures are detailed requirements for the use of internal models for calculating the required capital of insurers and their approval by the supervisory authorities, including the interaction between them, in the case of approval of internal models to be applied by all the insurance group.
The meeting also discussed the comments of the insurance industry and other stakeholders in the consultative document № 37 „Draft opinion on the implementing measures of the second level on the procedure for approval of internal models“, published on the website of the CEIOPS. They discussed specific provisions for approval of partial internal models and approaches to integrate this model into the standard formula for the calculation of required capital.
It was also proposed work on the measures of the third level (supervisory guidance on the implementation of the directive Solvency II) relating to the procedure before filing an application for approval of an internal model.

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Finance