EIOPA disagrees to 1.14 home supervisory authority when the home jurisdiction’s solvency consider the regime has been deemed equivalent with Solvency II. undertaking as solvent because it is established in an equivalent jurisdiction. On equivalence, please also see answer to comment 1. 48. This comment was submitted as confidential by the stakeholder. 49. Insurance Europe Guideline 1 - This paragraph should be deleted as it goes beyond the Directive and Disagreed 1.14 the requirements it sets out are hardly manageable. It is unrealistic High standards are to expect that the host supervisor will possess the experience imposed to the extent necessary to apply the home jurisdiction’s solvency regime. needed for the protection of policy holders. Ring-fencing only applies to branches coming from granting a preferential treatment to their nationals. These draft guidelines intend to develop a comprehensive supervisory framework for branches consistent with Solvency II and in large part are therefore directed at supervisory authorities and their supervision practices which is not the same as imposing new laws. All requirements are transposed from
1.14 home supervisory authority when the home jurisdiction’s solvency regime has been deemed equivalent with Solvency II. EIOPA disagrees to consider the undertaking as solvent because it is established in an equivalent jurisdiction. On equivalence, please also see answer to comment 1. 48. This comment was submitted as confidential by the stakeholder. 49. Insurance Europe Guideline 1 - 1.14 This paragraph should be deleted as it goes beyond the Directive and the requirements it sets out are hardly manageable. It is unrealistic to expect that the host supervisor will possess the experience necessary to apply the home jurisdiction’s solvency regime. Disagreed High standards are imposed to the extent needed for the protection of policy holders. Ring-fencing only applies to branches coming from granting a preferential treatment to their nationals. These draft guidelines intend to develop a comprehensive supervisory framework for branches consistent with Solvency II and in large part are therefore directed at supervisory authorities and their supervision practices which is not the same as imposing new laws. All requirements are transposed from
Final%20Report%20on%20the%20public%20consulation%20CP-14-048%20Guidelines%20on%20third%20country%20branches.docx