News
2010
FEBRUARY 2010
JANUARY 2010
29th January 2010 - Solvency II (Level 2 Implementation)
CEIOPS publishes its final report on Level 2 Implementing Measures
The final report for Solvency II: Level 2 Implementing Measures has been released. This can be found on the CEIOPS "Submissions to the EC" webpage here or the direct links; the Cover Letter (here) and Feedback Statement (here)
28th January 2010 - QIS5
CEIOPS sets up task force to meet QIS5 deadlines and deliverables
CEIOPS have agreed to set up a "specialised task force" lead by the CEIOPS Secretariat. The QIS5 TS will provide a support role to the Expert Groups throughout the preparation and running of this final Solvency II consultation. For more details see here.
28th January 2010 - Solvency II (Level 3 Guidance)
CEIOPS releases Consultation Paper "Pre Application Process for Internal Models"
Draft Level 3 Guidance on the Pre Application process for internal models has been published by CEIOPS. This is based on the final Level 2 Advice on the Internal Model approval process. For more details see here.
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2009
DECEMBER 2009
NOVEMBER 2009
10th November 2009 - Solvency II
Final text of the Solvency II Directive adopted by the European Council
The final version of the Solvency II directive has been published. The full text can be found here and all the translated versions can be found here.
10th November 2009 - Solvency II
The Council of the European Union formally adopts the Solvency II Directive
The associated press release can be found here
2nd November 2009 - Solvency II (Level 2 Implementations)
CEIOPS releases its third set of advice on Solvency II Level 2 implementing measures
Consultation Papers 63-79 can be found here, discussing draft Level 2 advice on specific aspects of Solvency II
OCTOBER 2009
SEPTEMBER 2009
18th September 2009 - Solvency II (Level 2 Implementations)
CEIOPS publishes comments received from stakeholders on Level 2 Implementating Measures
After the deadline for replies expired on Friday, 11th September 2009 for its second consultation process on draft advice for Level 2 implementing measures for the Solvency II Directive, CEIOPS has published all comments recieved (here). Comments have been split between each aspect of the implementing measures and the entity providing feedback.
AUGUST 2009
JULY 2009
2nd July 2009 - Solvency II
CEIOPS publishes its second set of advice on Solvency II Level 2 implementing measures
CEIOPS are committed to completing the majority of the Level 2 process by October 2010. For further details, please see their "Consultation Papers Webpage" found here
JUNE 2009
4th June 2009 - Solvency II
CEIOPS releases list of "Pillar 1" topics to be defined in further detail in articles being published this year
For CEIOPS' Second and Third "Advice Sets" regarding pillar one content, a list of topics has been produced, regarding those that will be further defined in 2009 (here)
MAY 2009
APRIL 2009
24th April 2009 - Solvency II
Approval of Solvency II by European Parliament
The European Parliament voted in favour of the adjusted Solvency II Framework Directive. Inspite of recent delays the date for full implementation is still set at 31st October 2012 (here)
MARCH 2009
27th March 2009 - Solvency II
CEIOPS publishes: "Lessons to be learned from the crisis - Solvency II and Beyond" Report
(here)
26th March 2009 - Solvency II
CEIOPS releases its first set of advice on Solvency II Level 2 Implementing Measures
(here)
26th March 2009 - Solvency II
Czech Presidency finalises negotiations on Solvency II Directive
Decisions regarding future of two main areas (Group Support Regime and Equity Risk) of contention within Solvency II have been reached by the European Government and supported by the Permanent Representatives Committee (COREPE) (here)
FEBRUARY 2009
JANUARY 2009
28th January 2009 - Solvency II
CEIOPS releases "Stock-taking report on the use
of Internal Models in Insurance"
CEIOPS announces (by press release) the publication of its report on internal models (here).
9th January 2009 - QIS4 (and beyond)
CEA sets out key issues arising from QIS4
The European Insurance and Reinsurance Federation (CEA) publishes (here) its analysis of QIS4 and views on the direction Solvency II should take through QIS5 and onwards.
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2008
DECEMBER 2008
NOVEMBER 2008
28th November 2008 - QIS4
Quantitative Impact Study 4 (QIS4) Country report – Norway
Kredittilsynet release summary results for the 20 Norwegian companies that participated in QIS4.
19th November 2008 - Solvency II
CEIOPS publishes "Report on fourth
Quantitative Impact Study (QIS4)
for Solvency II" and other corresponding documents
CEIOPS review the recently completed QIS4 process in detail (here). All other QIS related documents can be found on CEIOPS' QIS homepage (here).
OCTOBER 2008
28th October 2008 – Solvency II
CEIOPS commences work on "Lessons to be learnt from the Current Financial Crisis for the Future Solvency II Regime"
CEIOPS briefly set out the form changes to Solvency II legislation will take due to the current financial market instability.
20th October 2008 – Solvency II
CEIOPS publishes its "Quantitative Impact Study 4 - Summary Results and Main Messages"
CEIOPS release a preliminary overview of its findings from the QIS4 process as a precursor to the "Final QIS4 Report" (to be released on the 19th November 2008 at the CEIOPS annual conference in Frankfurt.)
SEPTEMBER 2008
AUGUST 2008
27th August 2008 – Solvency II
Groupe Consultatif Acturial Europeen (GCAE) respond to CEIOPS' "Issues Paper: Own Risk and Solvency Assessment (ORSA)"
The GCAE release their response to CEIOPS' "Own Risk and Solvency Assessment" issues paper (27th May 2008). Comments on this paper from other representative bodies can be found here (under the "issues paper" dated 26.05.2008.)
19th August 2008 – Solvency II
CEIOPS publishes "Issues Paper: Valuation
of Structured Credit Products"
This report focuses on the the nature of Structured Credit Products in relation to changes in Solvency II and International Financial Reporting Standards (IFRS), particularly with regards to the current market volatility.
15th August 2008 – Solvency II
CEIOPS publishes "Issues Paper: Supervisory Review Process and Undertakings’ Reporting Requirements"
This paper provides the foundations for a discussion between stakeholders on the nature of the Supervisory Review and Reporting aspects of the Framework Directive. Deadline for reponses is the 12th November 2008 in the form of the suggested "Comments Template".
JULY 2008
31st July 2008 – Solvency II
CEIOPS releases a further update to the "Revised Spreadsheet Solo Entities” – QIS4
CEIOPS makes available a new version of the "Spreadsheet for Solo Entities" witch includes all recent adjustments and additions.
17th July 2008 – Solvency II
CEIOPS and the Groupe Consultatif Acturial Europeen (GCAE) publish the "Report on Proxies"
CEIOPS and the GCAE have released a joint report on the nature of national proxy methods for the evaluation of technical provisions in Solvency II. "Harmonised proxy proposals" are being included in QIS4.
JUNE 2008
13th June 2008 – Solvency II
CEIOPS release “Revised Spreadsheet Solo Entities” – QIS4
Due to matters arising since the release of the original Solo Entities Spreadsheet, CEIOPS have released a Revised Version, with explanatory “Spreadsheet Patch Document” and an accompanying “Patching Tool” to be integrated into the original spreadsheet to make the necessary adjustments.
June 2008 – Swedish "Traffic Light Model" Update
Finansinspektionen publish "Stress test for insurance risks in non-life insurance" - Traffic Light Model
FI release the latest "Traffic Light Model" regulations with regards to "Stress Testing" of Insurance and Expense risk in non-life insurance companies.
MAY 2008
7th May 2008 – Solvency II
Standards and Poor’s Publish Solvency II Related Report
S&P release their “Industry Report Card: Subprime Asset Losses And Related Capital Market Disruption Still Have Little Effect On European Insurance Industry” indicating they believe Solvency II will have a greater impact on the European insurance industry than the current Subprime related issues.
5th May 2008 - Solvency II
Quantitative Impact Study 4 (CEIOPS)- QIS 4 Spreadsheet Released
The “Spreadsheet for Solo Entities” can be found on the CEIOPS' Quantitative Impact Study Homepage (under QIS4 - Spreadsheets and IT Tools: Workbook, B-1a)
For advice and assistance with any aspect of the QIS4 spreadsheet, please contact us
APRIL 2008
MARCH 2008
31st March 2008 – Solvency II
QIS4 Technical Specifications Published - QIS4
Following the initial Draft Technical Specifications for QIS4, the European Commission (EC) has released the finalised version (which can be found under the "Fourth Quantitative Impact Study: Call for advice and Technical Specifications" heading on the EC Solvency II Homepage.) CEIOPS are to run QIS4 between April and July 2008.
11th March January 2008 – SCS Events
SCS Solvency II Solutions Seminar held in Vejle
See Events for further details
FEBRUARY 2008
JANUARY 2008
3rd January 2008 – SCS Events
SCS announce Solvency II Solutions Seminar (in partnership with KPMG)
Seminar to be held in Vejle 11th March 2008
2007
DECEMBER 2007
21st December 2007 – Solvency II
Draft QIS4 Technical Specifications Published - QIS4
CEIOPS have published the Draft Technical Specifications for QIS4 to be considered during Q1 2008
