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9th June 2019
EIOPA launches consultation on a draft opinion on sustainability within Solvency II
The European Insurance and Occupational Pensions Authority (EIOPA) has launched a consultation on a draft opinion on sustainability within Solvency II. The draft opinion forms part of EIOPA's strategic activities on sustainable finance and follows a call for opinion from the European Commission. The consultation runs until 26th July 2019.
The draft opinion aims at integrating sustainability risks, in particular those related to climate change, in the investment and underwriting practices of (re)insurers. The opinion addresses the valuation of assets and liabilities, assesses current investment and underwriting practices and seeks to contribute to the integration of sustainability risks in market risks and natural catastrophe underwriting risks for the solvency capital requirements for standard formula and internal model users.
The draft opinion builds on EIOPA's Technical Advice on the integration of sustainability risks and factors in the delegated acts under the Solvency II Directive and the Insurance Distribution Directive.
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