2
Compliance with the Guidelines
2.1
It is the PRA’s responsibility to make every effort to comply with EIOPA Guidelines6 and its intention is to comply with all of the Set 1 Guidelines. The PRA will take full account of the Guidelines in its ongoing supervision under the new Solvency II regulatory framework. The PRA expects firms to comply with all of the Guidelines that apply to them in a proportionate manner, in accordance with the principle set out in the Solvency II Directive (‘the Directive’).7
Footnotes
- 6. Article 16(3) of Regulation (EU) No. 1094/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority), amending Decision No. 716/2009/EC and repealing Commission Decision 2009/79/EC: http://eurlex.europa.eu/legal-content/EN/TXT/?qid=1429014380486&uri=CELEX:02010R109420140523.
- 7. Recital 19 of the Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (recast): http://eur-lex.europa.eu/legalcontent/EN/TXT/?qid=1429014864472&uri=CELEX:02009L0138-20150331.
- 23/07/2015
2.2
Those Guidelines on which further commentary is provided are:
- ancillary own-funds;
- classification of own-funds;
- ring-fenced funds;
- treatment of related undertakings, including participations;
- loss-absorbing capacity of technical provisions and deferred taxes; and
- group solvency calculation.
- 23/07/2015