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ARTICLE · 12 AUGUST 2013

EIOPA update - August 2013

Matheson
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EIOPA recently published its findings on the Long-Term Guarantee Assessment, one of the main stumbling blocks in implementing Solvency II.

IrelandInsurance
Sharon Daly
Sharon Daly
Darren Maher
Darren Maher
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Results of Long-Term Guarantees Assessment

On 14 June 2013, EIOPA published its findings on the Long-Term Guarantee Assessment (LTGA), one of the main stumbling blocks in implementing Solvency II. The LTGA tested a set of proposed supervisory measures for long-term guarantee products under volatile and exceptional market conditions (ie the Long-Term Guarantee package).

In response to concerns from national supervisors and participating firms that the LTGA package is overly complex, EIOPA has made a number of recommendations to reduce and simplify the package. EIOPA concluded that the final Long-Term Guarantee package to be included in the Solvency II framework should fulfill a number of principles in order to ensure a high degree of policy protection, as well as an effective supervisory process:

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