Since 27 November, the Central Bank’s Solvency II Information Notes 1, 3 and 4 on applications for approval of certain items specified in Article 308a of the Solvency II Directive have been replaced by the seven pieces of Guidance. The new pieces are Guidance on Applications for the Approval of:
- Ancillary Own Funds;
- Basic Own Funds & Capital Contributions;
- Matching Adjustments;
- Volatility Adjustments;
- Transitional Risk Free Interest Rates;
- Transitional Technical Provisions; and
- Undertaking Specific Parameters.
The Guidance contain application checklists and provide information on the documentary evidence and information that must be provided to the Central Bank.
This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.