Regulatory Alerts2015-11-11
Added · Updated
Commission Implementing Regulation (EU) 2015/2015 on procedures for assessing external credit assessments under Solvency II
The European Commission adopted Implementing Regulation (EU) 2015/2015 to establish implementing technical standards for insurance and reinsurance undertakings regarding the assessment of external credit assessments under Directive 2009/138/EC. The regulation mandates that these entities include the scope, frequency, and methodology of additional assessments in their risk management policies, as defined in Article 1. It further requires the risk-management function to cover these assessments, utilize up-to-date reliable information, and conduct annual and ad hoc reviews of the results. Undertakings must document the assessment procedures, outcomes, and their integration into the calculation of technical provisions and the Solvency Capital Requirement.