Regulatory Alerts2015-03-24
Added · Updated
Commission Implementing Regulation (EU) 2015/499 on procedures for supervisory approval of ancillary own-fund items under Solvency II
The European Commission establishes implementing technical standards requiring insurance and reinsurance undertakings to submit written applications with specific cover letters and supporting evidence to obtain supervisory approval for ancillary own-fund items. The regulation mandates that supervisory authorities confirm application completeness within 30 days and issue decisions within three months, extendable to six months under exceptional circumstances. It further requires undertakings to notify authorities of changes to applications or reductions in loss-absorbency, triggering potential downward revisions or withdrawal of previously granted approvals.
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