Sources

> Disclaimer: This content is for educational and reference purposes for software builders only. It does not constitute legal, regulatory, actuarial, or financial advice. Consult a qualified professional before making decisions based on this content.

EU Legislation (EUR-Lex - CC BY 4.0)

Solvency II Framework Directive

  • Citation: Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance
  • URL: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02009L0138-20211230
  • Scope: Solvency Capital Requirement (SCR), Minimum Capital Requirement (MCR), technical provisions, internal model approval, governance (ORSA), public disclosure (SFCR, RSR), group supervision, Solvency II LOB classifications
  • License: CC BY 4.0 (EUR-Lex open-data policy)
  • Relevance: Authoritative source for all Solvency II data requirements, QRT scope, and pillar structure

    • Omnibus II Directive (Solvency II Amendment)

  • Citation: Directive 2014/51/EU of the European Parliament and of the Council of 16 April 2014 amending Directives on the powers of the European Supervisory Authorities
  • URL: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32014L0051
  • Scope: Long-term guarantee package, transitional measures for technical provisions, matching adjustment, volatility adjustment
  • License: CC BY 4.0

    • Insurance Distribution Directive (IDD)

  • Citation: Directive 2016/97/EU of the European Parliament and of the Council of 20 January 2016 on insurance distribution
  • URL: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32016L0097
  • Scope: IPID (Insurance Product Information Document) requirements, product oversight and governance (POG), demands and needs assessment, suitability documentation, conflict of interest rules
  • License: CC BY 4.0
  • Relevance: Authoritative source for IPID generation requirements, pre-sale disclosure, distribution workflow compliance

    • IFRS 17 Insurance Contracts (IASB - referenced via EU endorsement)

  • Citation: Regulation (EU) 2023/1803 endorsing IFRS 17 Insurance Contracts
  • URL: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32023R1803
  • Scope: General Measurement Model (GMM), Premium Allocation Approach (PAA), Variable Fee Approach (VFA), CSM, risk adjustment, contract boundary, contract modification, derecognition
  • License: CC BY 4.0 (endorsement regulation); IFRS 17 standard itself is © IFRS Foundation - cite by standard name and paragraph number only; do not reproduce text
  • Relevance: Authoritative source for IFRS 17 measurement model selection, CSM mechanics, PAA eligibility

    • EIOPA (European Insurance and Occupational Pensions Authority)

    Quantitative Reporting Templates (QRT)

  • Citation: EIOPA, Solvency II Quantitative Reporting Templates - Annual and Quarterly, effective for reporting periods from 2016 onwards
  • URL: https://www.eiopa.europa.eu/tools-and-data/supervisory-reporting-solvency-ii_en
  • Scope: QRT S.01–S.39 - balance sheet, own funds, SCR standard formula modules, technical provisions, premium and claims data by LOB, group-level templates
  • License: Public domain (EIOPA supervisory output)
  • Relevance: Authoritative mapping source for QRT cell references, XBRL taxonomy structure, LOB classification table

    • EIOPA XBRL Taxonomy

  • Citation: EIOPA XBRL Taxonomy and Data Point Model (DPM), published annually
  • URL: https://www.eiopa.europa.eu/tools-and-data/supervisory-reporting-solvency-ii_en#anchor_XBRLtaxonomy
  • Scope: XBRL concept namespace, data point model (DPM), validation rules, filing structure for QRT submission
  • License: Public domain
  • Relevance: Builders generating XBRL instance documents must map all internal data fields to EIOPA concept references from the current taxonomy version

    • EIOPA Guidelines on ORSA

  • Citation: EIOPA Guidelines on Own Risk and Solvency Assessment (ORSA), EIOPA-BoS-14/259, November 2014
  • URL: https://www.eiopa.europa.eu/publications/guidelines-own-risk-and-solvency-assessment_en
  • Scope: ORSA process, risk identification, quantification, stress testing, prospective capital adequacy, documentation
  • License: Public domain
  • Relevance: Authoritative guidance on ORSA data requirements and scenario modelling scope

    • US Regulation

    NAIC Model Laws and Regulations (Cited by Number - Text Copyrighted by NAIC)

    The following NAIC model acts are referenced by number per the NAIC citation policy. The full text of NAIC model laws is copyrighted by the National Association of Insurance Commissioners. Do not reproduce model law text verbatim; cite by model act number and short title only.
    • NAIC Model Act 440 - Insurance Holding Company System Regulatory Act: group supervision, enterprise risk
    • NAIC Model Act 450 - Risk-Based Capital (RBC) for Property and Casualty Insurance Companies: C-0, C-1, C-2, C-3, C-4 risk components
    • NAIC Model Act 505 - Own Risk and Solvency Assessment (ORSA) Model Act: ORSA summary report requirements for US insurers
    • NAIC Model Act 675 - Model Unfair Claims Settlement Practices Act: claims handling timeline requirements, documentation obligations
    • NAIC Model Regulation 900-1 - NAIC Complaint Data Collection: standardised complaint reason codes, annual filing format
    Source: NAIC Model Laws, Regulations and Guidelines. Available at https://content.naic.org/model-laws. Text is © National Association of Insurance Commissioners.

    State Insurance Regulation (Cite by State and Statute)

    Each US state's insurance code is the authoritative source for:
  • Policy form filing requirements and approval procedures
  • Rate filing rules and prior approval vs. file-and-use
  • Complaint handling SLAs (typically 15–30 working days by state)
  • Cancellation and non-renewal notice requirements
  • Surplus lines stamping requirements
    • Builders must consult each relevant state's Department of Insurance (DoI) published bulletins and the state insurance code (e.g., California Insurance Code, New York Insurance Law) for state-specific requirements.

    Actuarial Standards

    Actuarial Standards of Practice (ASOP)

  • Issuing body: Actuarial Standards Board (ASB), USA
  • URL: https://www.actuarialstandardsboard.org/standards-of-practice/
  • Relevant ASOPs for builders:
    • - ASOP No. 9 - Documentation and Disclosure in Property/Casualty Insurance Ratemaking, Loss Reserving, and Valuations - ASOP No. 23 - Data Quality: data validation, reconciliation, documentation of limitations - ASOP No. 25 - Credibility Procedures: credibility-weighted estimates in limited data scenarios - ASOP No. 43 - Property/Casualty Unpaid Claim Estimates: reserve calculation documentation
  • License: © Actuarial Standards Board - cite by ASOP number and title; do not reproduce text

    • Institute and Faculty of Actuaries (IFoA) - UK

  • Relevant Standards: Technical Actuarial Standards (TAS) 100 (General), TAS 200 (Insurance)
  • URL: https://www.actuaries.org.uk/upholding-standards/standards-and-guidance
  • Scope: Best estimate liability calculation, uncertainty disclosure, peer review requirements

    • Reinsurance Industry Standards

    Lloyd's of London Market Bulletins

  • URL: https://www.lloyds.com/market-resources/market-bulletins
  • Scope: SLIP format requirements for London market placements, electronic placement platforms (PPL), delegated authority (coverholder) standards
  • License: Available for reference; do not reproduce as own guidance

    • BRMA (Brokers and Reinsurance Markets Association)

  • Scope: Standard reinsurance contract wording, casualty treaty definitions, clash cover, nuclear/NBCR exclusions
  • URL: https://brmanyc.com/
  • Relevance: Reference for common reinsurance contract structure and clause definitions

    • International Standards

    IAIS Insurance Core Principles (ICPs)

  • Citation: International Association of Insurance Supervisors (IAIS), Insurance Core Principles, Standards, Guidance and Assessment Methodology, 2019
  • URL: https://www.iaisweb.org/activities-topics/standards-development/insurance-core-principles/
  • Scope: Supervisory framework principles, enterprise risk management, group supervision, systemic risk
  • License: Public domain (IAIS is a standard-setter under BIS umbrella)
  • Relevance: Global baseline for insurer governance and risk management data requirements

    • ISO 20022 (Financial Messaging) - Applied to Premium and Claims Payments

  • Scope: Standardised payment message formats for premium collection and claims disbursement
  • URL: https://www.iso20022.org/
  • Relevance: Builders integrating insurance premium payment flows with bank payment infrastructure should align payment instruction formats with ISO 20022 message types (e.g., pain.001 for credit transfers)

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