Upon the expiration of the deadline for objections on January 10th, the Solvency II delegated acts were adopted. These include, of course, the division of securitisations into two types and the calibrations that are now well known and still considered by many insurance companies as still too high. Of interest however is also the letter from the European Parliament to Commissioner Hill. In the letter, the Parliament asks for a speedy review of the calibrations for infrastructure investments. Although not immediately relevant to securitisation, this is a good sign nevertheless. With the EBA work being done on a definition of "simple, standardised and transparent securitisations", the letter indicates that the Parliament is open – at least in principle- to an early revision of calibrations. This reinforces the belief of PCS that a revision of the securitisation calibrations in Solvency II before the coming into force of the rules in January 2016 remains entirely possible.
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