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The fifth edition of the newsletter, circulated on 5 August 2011, focuses on the latest Solvency II policy developments and implementation activities and events, including the following:-
- Formal Application – over 50 firms have declared their intention to use internal models to calculate their Solvency Capital Requirement ("SCR") upon the implementation of Solvency II. The Central Bank stresses that participating in the internal model pre-application process does not imply the approval of models;
- European Insurance and Occupational Pensions Authority ("EIOPA") Consultation – EIOPA is currently developing XBRL taxonomy, describing Solvency II reporting in the harmonised data format to be used for the transmission of Quantitative Reporting Templates. On 22 July 2011, it launched a technical consultation on Solvency II XBRL Taxonomy with comments to be submitted by 7 September 2011. Undertakings were encouraged to participate, as the decisions made will impact on Solvency II reporting requirements; and
- Solvency II Forum – a third Industry Forum on Pillar 1 themes is due to be held in November 2011. Information on the event will be made available on the Central Bank's website in due course.
A copy of the newsletter is available on the Central Bank's website www.centralbank.ie .
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
