Tuesday, 5 April 2011

And in quick time, CEA's response...

And as might be expected, the CEA have chipped in with a last minute land grab for the industry off the back on the QIS5 calibration results.

Very straightforward list of demands, most of which have been acknowledged at national level (Contract boundaries attention, retain VIF as Tier 1, reflect loss absorbency of taxes in risk margin, improve calibrations for a couple of SCR modules) . Their request to include Deferred Tax Assets in tier 1 may fall on deaf ears even if it is 'economic', whilst their request for transitional measures seems entirely in keeping with the, errrr, transitional measures already announced in Omnibus II.

It remains to be seen what can be whipped out of EIOPA at this juncture, particularly now they have considerably more power (when omnibus II passes of course!) than their previous incarnation. However, the outcomes in the UK and Ireland seem pretty conclusive about what is bad and what is merely unfortunate.

Let battle commence...

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