mean one guideline is significance of proportionality. more important than the others. 239. IUL Guideline 48 - Guideline 48 appears very sensible. It will relieve both firms and Agreed 1.80 regulators of unnecessary effort and increase efficiency accordingly. Welcomed and agreed 240. LICI UK Guideline 48 - Proportionality considerations are requested for both TCBs and their Noted 1.80 third country undertaking’s reporting requirements – Please, see answers to comments 3 and 185. 1) LICI UK branch ( TCB) will submit annually the solvency assessment and balance sheet as required by Solvency II rules 2) LICI as third country insurance undertaking will submit its annual balance sheet for its overall global operations as per regulatory requirements of its home regulator ( IRDA) 241. This comment was submitted as confidential by the stakeholder. 242. IRSG Guideline 49 - Clarify the words “and the remaining part” in fourth line Noted 1.81 The remaining part is the business of the undertakings after deduction of the material RFF and material MAP parts. 243. This comment was submitted as confidential by the stakeholder. 244. IRSG Guideline 50 - Third line: “authorities comply…” Amended 1.82 245. Insurance Europe Guideline 50 - Please amend this guideline so it refers to the host supervisory Amended 1.82 authority and not the national supervisory authority to use consistent references.
significance of proportionality. mean one guideline is more important than the others. 239. IUL Guideline 48 - 1.80 Guideline 48 appears very sensible. It will relieve both firms and regulators of unnecessary effort and increase efficiency accordingly. Agreed Welcomed and agreed 240. LICI UK Guideline 48 - 1.80 Proportionality considerations are requested for both TCBs and their third country undertaking’s reporting requirements – 1) LICI UK branch ( TCB) will submit annually the solvency assessment and balance sheet as required by Solvency II rules 2) LICI as third country insurance undertaking will submit its annual balance sheet for its overall global operations as per regulatory requirements of its home regulator ( IRDA) Noted Please, see answers to comments 3 and 185. 241. This comment was submitted as confidential by the stakeholder. 242. IRSG Guideline 49 - 1.81 Clarify the words “and the remaining part” in fourth line Noted The remaining part is the business of the undertakings after deduction of the material RFF and material MAP parts. 243. This comment was submitted as confidential by the stakeholder. 244. IRSG Guideline 50 - 1.82 Third line: “authorities comply…” Amended 245. Insurance Europe Guideline 50 - 1.82 Please amend this guideline so it refers to the host supervisory authority and not the national supervisory authority to use consistent references. Amended
Final%20Report%20on%20the%20public%20consulation%20CP-14-048%20Guidelines%20on%20third%20country%20branches.docx