Internal model compulsory for variable annuity providers in Ireland, says BOI’s Elderfield

Internal model compulsory for variable annuity providers in Ireland, says BOI’s Elderfield

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All variable annuity (VA) providers in the Republic of Ireland - the main VA domicile in the European Union (EU) - will be required to use an internal model to ensure that "solvency standards are appropriately calibrated to the[ir] unique risks", says Matthew Elderfield, deputy governor of the Bank of Ireland (BOI) .

The Committee of European Insurance and Occupational Pensions Supervisors (Ceiops) published consultation paper 83 in November last year, which said particular aspects of VA busines