Implementation of EIOPA Guidelines under Directive 2009/138/EC and Regulation (EU) No 2015/35

NOTICE Implementation of the European Insurance and Occupational Pensions Authority (EIOPA) Guidelines pursuant to Directive 2009/138/EC and Regulation (EU) No 2015/35

The Prudential Supervision and Resolution Authority (ACPR) confirms by this notice its full compliance with the following European Insurance and Occupational Pensions Authority (EIOPA) Guidelines:

• EIOPA-BoS-14/165 and EIOPA-BoS-22/217 on the determination of contract limits;
• EIOPA-BoS-14/166 and EIOPA-BoS-22/218 on the calculation of technical provisions;
• EIOPA-BoS-14/167 on ancillary own funds;
• EIOPA-BoS-14/168 on the classification of own funds;
• EIOPA-BoS-14/169 on restricted own funds;
• EIOPA-BoS-14/170 on the treatment of related undertakings, including participations;
• EIOPA-BoS-14/171 on the transparency approach;
• EIOPA-BoS-14/172 on the basic risk;
• EIOPA-BoS-14/173 on the application of reinsurance pooling agreements to the "non-life underwriting risk" sub-module;
• EIOPA-BoS-14/174 on the treatment of market risk and counterparty risk exposures in the standard formula;
• EIOPA-BoS-14/175 on the application of the "life underwriting risk" module;
• EIOPA-BoS-14/176 on the "health catastrophe risk" sub-module;
• EIOPA-BoS-14/177 on the loss absorption capacity of technical provisions and deferred taxes;
• EIOPA-BoS-14/178 on entity-specific parameters;
• EIOPA-BoS-14/179 on the supervisory review process;
• EIOPA-BoS-14/180 on the use of internal models;
• EIOPA-BoS-14/181 on group solvency;
• EIOPA-BoS-14/182 on the equivalence assessment method applied by national supervisory authorities under the Solvency II Directive;
• EIOPA-BoS-14/259 on the internal assessment of risks and solvency;
• EIOPA-BoS-15/106 on the methods to be used to determine market shares for information reporting purposes;
• EIOPA-BoS-15/107 on information to be reported for financial stability purposes;
• EIOPA-BoS-15/108 on the extension of the recovery period under exceptional adverse conditions;
• EIOPA-BoS-15/109 on information reporting and information to be made available to the public;
• EIOPA-BoS-15/110 on the supervision of third-country branches;
• EIOPA-BoS-15/111 on "long-term guarantee" measures;
• EIOPA-BoS-15/112 on the systematic exchange of information within colleges;
• EIOPA-BoS-15/113 on the accounting and valuation of assets and liabilities other than technical provisions.

These guidelines clarify various aspects regarding the calculation methods for prudential ratios and information transmission governance requirements for undertakings. They also clarify various operational aspects for the Prudential Supervision and Resolution Authority, particularly regarding the supervisory process or the exchange of information between authorities.

The Prudential Supervision and Resolution Authority further confirms its partial compliance with the European Insurance and Occupational Pensions Authority (EIOPA) guidelines referenced as EIOPA-BoS-14/146 on the operational functioning of colleges. Indeed, under guidelines 17 and 18, the Prudential Supervision and Resolution Authority informs third-country authorities participating in supervisory colleges about additional capital requirements only once the measure has been decided, and not immediately upon the detection of a significant deviation in the risk profile or governance system.

These guidelines are applicable to insurance and reinsurance undertakings, which must do everything in their power to comply with them, in accordance with the provisions of Article 16 of Regulation (EU) No 1094/2010 establishing the European Insurance and Occupational Pensions Authority.