- End of March - completed templates submitted to national regulator
- April and May - national regulator and EIOPA will analyse and synthesise results
- Second half of June - technical results to be provided by EIOPA to the trilogue parties
- Mid-July - report provided by the Commission to the co-legislators
I am stressing the second half due to the current procedure file for the Omnibus II Parliamentary Plenary session pointing at a 10th June date, which is of course too early to consider that report in making a decision on Omnibus II. That leaves one more Plenary window in July before the summer recess, so we can probably bank on a postponement to September at the very least, particularly as the report is bound to contain more contentious bones than a frozen beefburger...
A few things of note in the suite of materials published by EIOPA today, of which the presentation slides are perhaps most useful;
- Objectives of the assessment include "possible competition distortions" and "impact on long-term investment", which have surely topped the list of differences between trilogue parties and indeed individual countries to date.
- Predominantly based on YE 2011 balance sheet, but will test pre and post financial crisis positions as well (2004 and 2009)
- Can optionally use internal models for capital and risk margin calculation, provided the entity is in a national IMAP.
- At least 50% of Life non-linked TPs and 20% of Non-Life TPs in each country must be covered (hence the industry has been quite vocal about doing this at financial year-end!)
- 13 scenarios included in the assessment, of which one does not include any of the proposed measures - not sure if that reduced quantum addresses the concerns of the FSA's Insurance Standing Group back in September, when the number sat at 18.
The main meat in today's releases are of course for the digestion of your friendly local actuaries and accountants - best of luck!