Current issues: Solvency II

Solvency II

As part of its contribution to the European Commission's Solvency II project, the Groupe Consultatif has created this dedicated area of its Web site as a focus for discussion on the key issues. Consultation papers from the Commission are available here (see list below), along with responses and other submissions by the Groupe.

The Groupe has established its own Solvency II project team, which interacts with the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) and other organisations such as the International Actuarial Association (IAA) and the International Association of Insurance Supervisors (IAIS) which are also actively involved in Solvency II.

The structure of CEIOPS' expert working groups which will address in detail the main aspects of Solvency II is reflected by the following working groups established by the Groupe's project team:

• Life (Pillar I)
• Non-Life (Pillar I)
• Internal Models
• Internal Governance, Supervisory Review and Reporting
• Insurance Groupe Supervision

Membership of the project team and working groups is listed here.

List of documents (most recent first)

2012

• Groupe comments on EIOPA CP9 (Draft Proposal for Quantitative Reporting Templates) 20 January 2012 (zip, 392 KB)

• Groupe comments on EIOPA CP8 (Draft Proposal for Guidelines on ORSA) 20 January 2012 (pdf, 69 KB)

• Solvency II project team - report to Insurance Committee 4 January 2012 (pdf, 109 KB)

2011

• Solvency II project team - report to Insurance Committee 7 December 2011 (pdf, 102 KB)

• EIOPA consultation (CP-11/009) on Supervisory Reporting and Public Disclosure 8 November 2011 (zip, 3 MB)

• EIOPA consultation (CP-11/008) on Guidelines for the ORSA 7 November 2011 (zip, 271 KB)

• Solvency II project team - report to Insurance Committee 2 November 2011 (pdf, 123 KB)

• Solvency II project team - report to Insurance Committee 5 October 2011 (pdf, 100 KB)

• Solvency II project team - report to Insurance Committee 6 September 2011 (pdf, 104 KB)

• Solvency II project team - report to Insurance Committee 3 August 2011 (pdf, 101 KB)

• European Parliament ECON draft report on Omnibus II 26 July 2011 (pdf, 363 KB)

• Solvency II project team - report to Insurance Committee 6 July 2011 (pdf, 104 KB)
  Related documents (zip, 506 KB)

• The Actuarial Function under Solvency II - Survey on the Role of the Actuary 15 June 2011 (pdf, 76 KB)

• Solvency II project team - report to Insurance Committee 1 June 2011 (pdf, 106 KB)

• Solvency II project team - report to Insurance Committee 4 May 2011 (pdf, 146 KB)

• Groupe comments on EIOPA draft L3 guidance on ORSA 17 March 2011 (pdf, 74 KB)

• Groupe comments on EIOPA draft L3 guidance on System of Governance 17 March 2011 (pdf, 90 KB)

• Groupe comments on EIOPA draft L3 guidance on Quantitative Reporting Templates 17 March 2011 (pdf, 341 KB)

• QIS5 results and EIOPA report to European Commission 14 March 2011 (zip, 2.42 MB)

• Solvency II project team - report to Insurance Committee 2 March 2011 (pdf, 134 KB)

• Solvency II project team - report to Insurance Committee 2 February 2011 (pdf, 107 KB)

• Groupe response to European Commission consultation on draft L2 text for implementing measures 26 January 2011 (pdf, 67 KB)

• European Commission proposal for "Omnibus II" Solvency II Directive 20 January 2011 (pdf, 154 KB)

• Solvency II project team - report to Insurance Committee 4 January 2011 (pdf, 107 KB)

2010

• Solvency II project team - report to Insurance Committee 7 December 2010 (pdf, 103 KB)

• European Commission consultation paper on Level 2 implementing measures for Solvency II. 24 November 2010 (pdf, 264 KB)

• Solvency II project team - report to Insurance Committee 2 November 2010 (pdf, 103 KB)

• Solvency II project team - report to Insurance Committee 5 October 2010 (pdf, 131 KB)

• Solvency II project team - report to Insurance Committee 7 September 2010 (pdf, 138 KB)

• CEIOPS' final advice on equivalence assessments 31 August 2010 (zip, 261 KB)

• CEIOPS presentations from QIS5 workshop - 25/26 August 27 August 2010 (zip, 2.31 MB)
  Notes and Q & A from QIS5 workshop - 25/26 August 31 August 2010 (pdf, 266 KB)

• QIS5 spreadsheet and qualitative questionnaires updated 6 October 2010 (zip, 1.70 MB)
  QIS5 spreadsheet helper tools updated 6 October 2010 (zip, 1.54 MB)
  Manual for completion of QIS5 spreadsheets by solo undertakings updated 7 September 2010 (pdf, 394 KB)
  Manual for completion of QIS5 internal models sheets 30 August 2010 (pdf, 180 KB)
  Manual for completion of QIS5 spreadsheets by groups 7 September 2010 (pdf, 131 KB)
  QIS5 Q & A updated 4 November 2010 (pdf, 829 KB)
  Non-life and health-non-SLT calibration updated 28 September 2010 (zip, 259 KB)
  Process for analysing group data 5 November 2010 (pdf, 72 KB)
  Overview of QIS5 related documents, with dates updated 4 November 2010 (pdf, 94 KB)

• Final QIS5 specifications 6 July 2010 (zip, 2.31 MB)
  Technical specifications errata updated 27 September 2010 (pdf, 113 KB)

• Solvency II project team - report to Insurance Committee 3 August 2010 (pdf, 101 KB)

• CEIOPS Consultation Paper CP81: draft advice on equivalence assessments 14 July 2010 (zip, 307 KB)

• Solvency II project team - report to Insurance Committee 6 July 2010 (pdf, 103 KB)

• CEIOPS' Catastrophe Task Force report 11 June 2010 (pdf, 1.36 MB)

• Solvency II project team - report to Insurance Committee 1 June 2010 (pdf, 103 KB)

• Groupe comments on draft QIS5 specifications 20 May 2010 (zip, 96 KB)

• Solvency II project team - report to Insurance Committee 5 May 2010 (pdf, 101 KB)

• Draft QIS5 specifications 15 April 2010 (zip, 10 MB)

• CEIOPS' final Advice for Level 2 implementing measures: Technical criteria for assessing 3rd country equivalence 1 April 2010 (zip, 1.95 MB)

• CEIOPS' Level 3 guidance on the pre-application process for internal models (formerly CP80) 31 March 2010 (pdf, 776 KB)

• Solvency II project team - report to Insurance Committee 5 March 2010 (pdf, 136 KB)

• Solvency II project team - report to Insurance Committee 2 February 2010 (pdf, 138 KB)

• CEIOPS advice to European Commission on third wave of Consultation Papers (CP63-CP79) 29 January 2010 (zip, 20.2 MB)
• Cover letter 29 January 2010 (pdf, 93 KB)
• Feedback statement 29 January 2010 (pdf, 201 KB)

• CEIOPS Consultation Paper CP80: draft L3 guidance on the pre-application process for internal models 28 January 2010 (zip, 682 KB)

• Solvency II project team - report to Insurance Committee 5 January 2010 (pdf, 128 KB)

2009

• Groupe response to CEIOPS Consultation Papers CP63-CP79
  11 December 2009 (zip, 613 KB)

• Text of Solvency II Directive (2009/138/EC) 25 November 2009 (pdf, 1.7 MB)

• Joint CEIOPS/Groupe Consultatif coordination group Report on use of insurance market data in the valuation of technical provisions 12 November 2009 (pdf, 400 KB)

• CEIOPS' advice to European Commission on Consultation Papers CP26-CP62 10 November 2009 (zip, 12.4 MB)
  
• Feedback statement on CP26-CP62 10 November 2009 (pdf, 283 KB)
  
• Cover letter on CEIOPS' advice on CP26-CP62 10 November 2009 (pdf, 92 KB)

• Solvency II project team - report to Insurance Committee November 2009 (pdf, 107 KB)

• CEIOPS Consultation Papers CP63-CP79: draft advice on Solvency II Level 2 implementing measures - third wave 2 and 30 November 2009 (zip, 11.0 MB)
• Cover letter on CEIOPS Consultation Papers CP63-CP79 2 November 2009 (pdf, 95 KB)

• Solvency II project team - report to Insurance Committee October 2009 (pdf, 103 KB)

• Submission to CEIOPS on professional standards for the Actuarial Function under Solvency II, and Press Release 29 September 2009 zip, 195 KB)

• Solvency II project team - report to Insurance Committee September 2009 (pdf, 216 KB)

• Groupe response to CEIOPS Consultation Papers CP37A and CP39-CP62
  11 September 2009 (zip, 981 KB)

• Solvency II project team - report to Insurance Committee August 2009 (pdf, 112 KB)

• Solvency II project team - report to Insurance Committee July 2009 (pdf, 110 KB)

• CEIOPS Consultation Papers CP39-CP62: draft advice on Solvency II Level 2 implementing measures updated 23 July 2009 (zip, 7.6 MB)
  CP59 | Revised CP47 | Revised CP49 | Revised CP55
• Cover letter on CEIOPS Consultation Papers CP39-CP62 2 July 2009 (pdf, 88 KB)

• Solvency II project team - report to Insurance Committee June 2009 (pdf, 105 KB)

• Groupe responses to CEIOPS Consultation Papers CP26-CP37 May/June 2009 (zip, 185 KB)
  (Note: no responses were submitted to CP34 and CP36).

• CEIOPS ISGRR Feedback Statement on Issues Paper on Sysytem of Governance
  19 May 2009 (pdf, 96 KB)

• Solvency II project team - report to Insurance Committee May 2009 (pdf, 28 KB)

• Solvency II Directive - final version approved by European Parliament 22 April 2009 (pdf, 830 KB)

• CEIOPS Consultation Papers CP26-CP37: draft advice on Solvency II Level 2 implementing measures 26 March 2009 (zip, 2.5 MB)

• Report by CEIOPS on Lessons to be learned from the crisis - Solvency II and Beyond 26 March 2009 (pdf, 205 KB)

• CEIOPS - Groupe Consultatif coordination group - Valuation of the non-life Best Estimate using simplified methods - Issues to consider regarding level 2 measures 10 March 2009 (pdf, 456 KB)

• Letter from CEIOPS' Consultative Panel to European Parliament rapporteur on importance of adopting Solvency II Directive 11 March 2009 (pdf, 50 KB)

• Solvency II project team - report to Insurance Committee March 2009 (pdf, 26 KB)

• Groupe response to CEIOPS' request for advice on L2 implementing measures for groups' SCR 27 February 2009 (pdf, 64 KB)

• Draft Groupe report to CEIOPS on Internal Models 16 February 2009 (pdf, 201 KB)

• Response to CEIOPS' request for further advice on issues raised in Groupe's report on best estimates (incl country comparison) 4 February 2009 (zip, 226 KB)

• Solvency II project team - report to Insurance Committee February 2009 (pdf, 29 KB)

• Report by CEIOPS on the outcome of the stock-taking exercise on the current use of internal models in insurance 2 January 2009 (pdf, 573 KB)

• Groupe's response to CEIOPS' issues paper on Implementing Measures on System of Governance 12 January 2009 (pdf, 64 KB)

• CEIOPS' Internal Governance Supervisory Review and Reporting Expert Group (IGSRR) work programme 2009 9 January 2009 (pdf, 45 KB)

• CEIOPS' survey on equalisation provisions 9 January 2009 (pdf, 138 KB)

• CEIOPS' Insurance Groups Supervision Committee (IGSC) work programme 2009
  8 January 2009 (pdf, 52 KB)

• Solvency II project team - report to Insurance Committee January 2009 (pdf, 30 KB)

2008

• CEIOPS' Internal Models Expert Group (IMEG) work programme 2009 23 December 2008 (pdf, 34 KB)

• CEIOPS' Financial Requirements (FINREQ) work programme 2009 22 December 2008 (pdf, 68 KB)

• CEIOPS' request for further advice on issues raised in Groupe's report on best estimates 17 December 2008 (pdf, 512 KB)

• CEIOPS' request for advice on L2 implementing measures for groups' SCR
  11 December 2008 (pdf, 38 KB)

• Solvency II project team - report to Insurance Committee December 2008 (pdf, 30 KB)

• Commission draft Call for Advice to CEIOPS on Level 2 implementing measures
  4 December 2008 (zip, 533 KB)

• CEIOPS' report on QIS4 19 November 2008 (pdf, 2.75 MB)
  Annexe of selected tables to report on QIS4 (pdf, 1.33 MB)

• Groupe's response to CEIOPS' issues paper on Supervisory Review Process and Undertakings’ Reporting Requirements 12 November 2008 (pdf, 25 KB)

• Groupe's interim report to CEIOPS' on Valuation of Best Estimate under Solvency II in Non-Life Insurance 11 November 2008 (pdf, 257 KB)

• CEIOPS' feedback to respondents on ORSA Issues Paper 6 November 2008 (pdf, 72 KB)

• Solvency II project team - report to Insurance Committee November 2008 (pdf, 36 KB)

• CEIOPS' Issues Paper on Implementing Measures in the System of Governance
  4 November (zip, 253 KB)

• Solvency II project team - report to Insurance Committee October 2008 (pdf, 28 KB)

• Final Report by European Parliament rapporteur on proposed Solvency II Directive October 2008 (pdf, 377 KB)

• Solvency II project team - report to Insurance Committee September 2008 (pdf, 33 KB)

• Groupe's response to CEIOPS' issues paper on Own Risk and Solvency Assessment (ORSA) 27 August 2008 (pdf, 52 KB)

• CEIOPS' Report on Valuation Issues (regarding the valuation of structured credit products) 19 August (pdf, 219 KB)

• CEIOPS' Issues Paper on the Supervisory Review Process and Undertakings’ Reporting Requirements 18 August (zip, 400 KB)

• Newsletter by Groupe's Solvency II project team - Issue 12 August 2008 (pdf, 64 KB)

• Final report by joint Groupe-CEIOPS Coordination Group on Proxies 17 July 2008 (zip, 407 KB)

• CEIOPS' final advice to the European Commission on The principle of proportionality (CP24) 28 May 2008 (zip, 577 KB)
• CEIOPS' draft advice to the European Commission on Measures to facilitate the effective supervision of groups (CP25) 28 May 2008 (zip, 1.16 MB)

• CEIOPS' issues paper on Own Risk and Solvency Assessment (ORSA) 27 May 2008 (pdf, 123 KB)

• CEIOPS - Full details of QIS4 exercise updated 10 July 2008 (zip, 3.76 MB)
  Spreadsheet for solo entities updated 31 July 2008 (zip, 4.77 MB)
  Spreadsheet for groups updated 13 August 2008 (zip, 1.81 MB)

• Response to CEIOPS Consultation Paper CP24 April 2008 (pdf, 19 KB)

• Response to CEIOPS Consultation Paper CP25 April 2008 (pdf, 31 KB)

• Newsletter by Groupe's Solvency II project team - Issue 11 March 2008 (pdf, 60 KB)

• European Commission - Amended proposal for the Solvency II framework Directive February 2008 (pdf, 1.6 MB)

• CEIOPS' draft advice to the European Commission on The principle of proportionality (CP24) 25 February 2008 i
• Amended annex to CP24 (proxies and simplifications contained in the QIS4 technical specifications) 10 April 2008 (pdf, 231 KB)

• CEIOPS' draft advice to the European Commission on Measures to facilitate the effective supervision of groups (CP25) 25 February 2008 (pdf, 424 KB)

For documents before 2008 please contact the Secretariat