2013-07-18 – London
Results of two peer reviews on internal models published
Today the European Insurance and Occupational Pensions Authority (EIOPA) published a report on the results of its two peer reviews on internal models.
The reviews aimed to assess supervisory practices of National Supervisory Authorities (NSAs) related to the review of internal models during pre-application. Both peer reviews cover supervisory practices in the 24 Member States of EIOPA.
The report highlights the differences of supervisory practices in the pre-application process of internal models. These differences were particular prevalent in some key areas: interpretation of the requirements; the philosophies underpinning how to review models, the use of proportionality as well as the organisation and expectations of on-site visits.
EIOPA has identified some best practices in the areas of communication, reviews, planning, pre-application packages, training and colleges of supervisors. The report outlines a number of recommendations that are country specific as well as highlighting more general recommendations to ensure differences of supervisory practises are minimised.
