Regulatory Alerts2015-03-24
Added · Updated
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.