EC forces Ceiops U-turn on operational risk charge cap
The European Commission (EC) has forced the Committee of European Insurance and Occupational Pensions Supervisors (Ceiops) to back down over changes to the capital charge cap on operational risks in the standard model of Solvency II, which were branded "excessive" and "arbitrary" by the insurance industry.
In consultation paper (CP) 53, the Frankfurt-based Ceiops doubled the operational risk charge cap in the standard formula from 30% to 60%, based on results from internal formula calibrations
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