The European Insurance and Occupational Pensions Authority (EIOPA) published today the final report on the results of its two peer reviews on internal models.
The purpose of the peer reviews was to assess the practices of supervisors and colleges related to the review of internal models during the pre-application process. Both peer reviews cover supervisory practices in 24 Member States.
Differences of supervisory practices in the pre-application process of internal models were identified in the following important 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.
The Report summarises best practices in the areas of communication, reviews, planning, pre-application packages, training and colleges of supervisors and outlines a number of recommendations addressed to NSAs and EIOPA.
In a next step EIOPA will ensure a proper follow-up to the recommendations as well as the best practices.
The Report can be viewed here