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23rd December 2012

EIOPA to assess impact of Solvency II Long Term Guarantees package

The European Insurance and Occupational Pensions Authority (EIOPA) will assess the impact of the Solvency II Long-Term Guarantees (LTG) package as requested by the Trilogue parties (the European Parliament, the Council of the EU and the European Commission).
The goal of the LTGA is to assess the effects that the implementation of the various elements of the package may have on policyholders and beneficiaries, insurance and reinsurance undertakings, supervisory authorities and the financial system as a whole.
The launch of the LTGA exercise is scheduled for 28th January and it will be conducted in cooperation with national supervisory authorities. It is envisaged that EIOPA will publish its report on the LTGA in June.
Gabriel Bernardino, chairman of EIOPA, said “I welcome the request from the EU political institutions to run this important impact assessment. In line with our mandate, EIOPA will provide the EU political institutions with an independent supervisory assessment of the different measures tested. I am confident that this assessment will provide sufficient information to support the co-legislators in bringing the Omnibus II legislative process to a timely conclusion.”.