(2) In order to facilitate the taking-up and pursuit of the activities of insurance and reinsurance, it is necessary to eliminate the most serious differences between the laws of the Member States as regards the rules to which insurance and reinsurance undertakings are subject. No current risk of prudential measures being applied BLUE FLAG when complete. The successful implementation of Solvency II and approval of the Lloyd's Internal Model (LIM) remains critical to maintaining Lloyd's competitive advantage and Solvency II remains a strategic priority for 2012. sections of the Level 1 Solvency II Directive, European Commission Draft Implementing measures, EIOPA Solvency II Final L2 Advice and the EIOPA Long Term Guarantees Technical Speci?cations. (At the time of writing, the ?nal Level 2 and Level 3 advice has not been published.) JOINT FINAL DRAFT ITS ON THE MAPPING OF E AIS [ REDIT ASSESSMENTS 2 ontents 1. Executive Summary 3 2. Background and rationale 5 3. JOINT FINAL draft Implementing Technical Standards on the mapping of ECAIs' credit assessments under Articles 136(1) and 136(3) of Regulation (EU) No 575/2013 (Capital 2.1. In accordance with article 37 (6) of the Solvency II Directive, "EIOPA shall develop draft implementing technical standards on the procedures to be followed for decisions to set, calculate and remove capital add-ons" (hereinafter CAO). 2.2. Article 15 of EIOPA Regulation states that the potential related costs and be determined in implementing measures. And admissibility of off-balance sheet items such as letters of credit will be subject to prior approval, with a procedure to be established in implementing procedures. RBC vs. Solvency II Capital Calculations Goals of Calculations U.S. RBC goal: calculate minimum levels of capital rather than a the Level 2 Solvency Expert Group and participated to the stakeholder meeting and public hearing on QIS5 organised by the Commission. 2. In this regard, CEIOPS has identified various areas where it considers that for the purpose of the QIS5 specifications as well as for the future Level 2 implementing measures, further thought should be given. Level 2 Implementing measures Comments from the Belgian Coordination Group Dear, We thank you for the opportunity to comment on the consultation document on the Impact Assessment for the level 2 implementing measures for Solvency II. The Belgian Coordination Group (BCG) represents the joint expert group of the Belgian The draft application requirements set out in this document are based on the Directive and the minimum documentation requirements proposed in CEIOPS' Advice for Level 2 Implementing Measures on Solvency II: the procedure to be followed for the approval of an internal model (former CP37). In most cases we have expanded the minimum Why new - The concept of "Implementing Measures" has effectively been cut in half, with Implementing Acts very much a sideshow in the context of Solvency II - the Herbert Smith Freehills paper referenced above states that implementing acts are only referenced in one article of the Directive. These are drafted by the Commission through powers delegated via article 291 of the TFEU, and the Joint Consultation Paper Draft Implementing Technical Standards on the allocation of credit (Solvency II) and in particular Article 109a(1) thereof. 181, 185, 186, 187, 193, 199 of [Implementing Me