IFoA: EIOPA consults on SII standards

The European Insurance and Occupational Pensions Authority (EIOPA) has invited market participants and (re)insurance stakeholders to give feedback on the first draft of Implementing Technical Standards (ITS) for Solvency II by June.

ITS defines the processes for the approval of matching adjustment, ancillary own funds, undertaking specific parameters, internal models and special purpose vehicles as well as the joint decision process on group internal models. The IFoA's Solvency II steering group will consider how best to influence the debate. EIOPA will send the ITS framework to the European Commission by 31 October 2015 for final endorsement, making it legally binding.