Answers to the European Commission on the ... - Eiopa - Europa

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provide any answers on new solvency control levels, since <strong>the</strong> existing solvency ratio is considered <strong>to</strong> be <strong>to</strong>o different (<strong>to</strong>o risk-insensitive) from <strong>the</strong> SCR. 15.31 Supervisory Ladder Control level 1 (flexible) available capital > 'adjusted SCR' Early warning indica<strong>to</strong>rs above <strong>the</strong> adjusted SCR Control level 2 available Capital
capital
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CEIOPS-DOC-07/05 Answers</s
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Style convention The following has
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• Safety measures (CfA 9); • So
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sole purpose is to
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Call for Advice No. 7 Technical pro
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one year). Therefore, capital requi
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perhaps through an explicit additio
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Discounting 7.22 The present value
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exposed to risk fr
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insurance liabilities set by refere
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Profit sharing In practice, for uni
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future cash flows will have <strong
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Explanatory text S
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always have resources to</s
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developed. They would help
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8.28 A fourth option could be envis
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In principle, "the
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8.48 Three alternatives can be cons
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essential part of the</stro
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statistical estimate (with a level
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8.77 It may be argued that
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to use more sophis
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consequence on the
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8.105 In some cases, the</s
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This shall be reviewed, at least an
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ut the exposure <s
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Explanatory text M
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9.15 Solvency II could also employ
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9.28 The life formula yields itself
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underestimate them
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'Prudent person plus' approach 9.52
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Uniform or different rules for tech
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through a prescribed list. Lists ar
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addition a range of stresses so tha
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(including the Rei
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for review of the
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eligibility criteria, or principles
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should not lead to
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• the degree of
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9.156 The senior management shall r
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- going-concern aspects of business
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features. 81 TailVaR is an example
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10.17 The SCR should also reflect <
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10.26 The risk of asset liability m
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Naturally, the pra
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too few categories
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- Choice of volume measures 10.57 W
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Underwriting risk in non-life insur
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volatility of thei
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those insurers this possible increa
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10.103 A factor-ba
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10.112 Assessing whethe</st
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10.121 The SCR should deliver a lev
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whenever its effects on the
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scenario techniques to</str
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Operational risk just ratings infor
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Call for Advice No. 11 Solvency cap
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Costs and Benefits 11.6 It should b
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• Qualitative requirements for <s
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11.19 Risk management criteria set
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individual undertaking is exposed a
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• sensitivity analyses that have
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• visualizations of flows of prod
Page 127 and 128: Partial models and the</str
Page 129 and 130: 11.58 There should be few descripti
Page 131 and 132: of the SCR estimat
Page 133 and 134: equirements to imp
Page 135 and 136: Call for Advice No. 12 Reinsurance
Page 137 and 138: Reflection in technical provisions
Page 139 and 140: • provide an estimate of an under
Page 141 and 142: particular reinsurer(s)’ aggregat
Page 143 and 144: they auto<
Page 145 and 146: einsurer to <stron
Page 147 and 148: should be a reduction in risk regar
Page 149 and 150: Call for Advice No. 13 Quantitative
Page 151 and 152: • the process of
Page 153 and 154: • handling questions from insuran
Page 155 and 156: member countries and in the
Page 157 and 158: components of the
Page 159 and 160: Background 14.1 Current insurance D
Page 161 and 162: 14.12 In order to
Page 163 and 164: groups in its answer to</st
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Page 167 and 168: 14.43 Regarding the</strong
Page 169 and 170: off all contracts; • to</
Page 171 and 172: Call for Advice No. 15 Solvency con
Page 173 and 174: Minimum capital requirement (MCR) D
Page 175 and 176: adjusted SCR. From a purely technic
Page 177: to be implemented.
Page 181 and 182: absolute floor (expressed in euros
Page 183 and 184: Bolkestein agreed to</stron
Page 185 and 186: 16.14 Generally speaking, complianc
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Page 189 and 190: 16.28 It should also be noted that
Page 191 and 192: Time of application 16.41 The asses
Page 193 and 194: of the individual
Page 195 and 196: Background 17.1 This document aims
Page 197 and 198: Review Panel would be a permanent g
Page 199 and 200: • the developmen
Page 201 and 202: asis for considering improvements <
Page 203 and 204: (I) Regulatory arb
Page 205 and 206: (II) Capital requirements at group
Page 207 and 208: into a SCR at grou
Page 209 and 210: 18.31 Additionally, it must be deci
Page 211 and 212: Capital requirements 18.39 The Fram
Page 213 and 214: (III) Supervisory Review Process of
Page 215 and 216: 18.60 In view of the</stron
Page 217 and 218: new structure would need to
Page 219 and 220: future Framework Directive. CEIOPS
Page 221 and 222: 18.94 Model validation in t
Page 223 and 224: the assumptions us
Page 225 and 226: Annexes Annex A (Call for Advice No
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Specific principles for non-life in
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Conformity, suitability and suffici
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• existence of significant insuff
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A.64 In the tests
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the rules on <stro
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TVaR1-α for Tail Value-at-risk. In
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Degree of personalisation B.24 Tran
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B.34 There are two approaches <stro
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Segmentation B.44 In general terms,
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technical technical technical techn
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B.61 The second alternative was cho
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Dutch supervisory authority for <st
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Market risk Equity risk this altern
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B.95 In a scenario-based approach,
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B.106 As an alternative one could t
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where: KTSA = the
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Results from the a
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Solvency ratio prior to</st
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Number of instances Risk group Deta
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Conclusion In general, the<
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where: TP gross = technical provisi
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premium risk, the
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“While proportional reinsurance t
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contribute with any additional info
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E.29 Another way <
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programmes on the
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