Internal model firms tested by delays on equivalence

European parliament urges commission to act on deciding equivalence status for non-EU countries

Internal model firms may delay their model applications to national supervisors as they continue to await a clear signal from the European Commission on the equivalence status of non-European Union countries.

The Solvency II Directive offers scope for the commission to designate certain countries' regulatory systems equivalent to EU standards for the purposes of calculating group solvency requirements and eligible own funds. These countries will be assessed for equivalence through criteria laid