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16th May 2018
Insurance Europe responds to EIOPA consultation on corrections and amendments to the implementing technical standards(ITS) for Solvency II
Insurance Europe has responded to the European Insurance and Occupational Pensions Authority’s(EIOPA) consultation on corrections and amendments to the implementing technical standards(ITS) for Solvency II reporting and disclosure, which included more than 300 new validations.
Insurance Europe said it would be difficult to implement these new validations in time for Q4 reporting, particularly for complex groups. Therefore, Insurance Europe proposes that the new validations should not be obligatory for the first year of application, and only become obligatory in the second year.
In addition, Insurance Europe welcomed the fact that EIOPA included some Q&As in the ITS. However, because EIOPA did not include all relevant Q&As in the ITS, Insurance Europe called for this to be addressed.
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