Commission Implementing Regulation (EU) 2015/498 on supervisory approval for undertaking-specific parameters under Solvency II

The European Commission adopted Implementing Regulation (EU) 2015/498 to establish implementing technical standards for the supervisory approval procedure allowing insurance and reinsurance undertakings to use undertaking-specific parameters under Solvency II. The regulation mandates that applicants submit written applications containing specific documentary evidence, data quality assessments, and details of other related applications, while supervisory authorities must confirm completeness within 30 days and decide within six months. It further defines the criteria for assessing parameter accuracy, the conditions for partial or full approval, and the grounds for revoking approval if compliance with Directive 2009/138/EC ceases.

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Source: European Insurance and Occupational Pensions Authority — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works