Solvency II Report Clarifies Purpose of New CIC Standard

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The European Insurance and Occupational Pensions Authority's (EIOPA) final report on the disclosure and reporting requirements of Solvency II – the European Union (EU) directive on capital adequacy and risk management for insurers – makes clear that the complementary identification code (CIC) that it mandates will not be a harmonized industry code, and will instead be open to the interpretation of insurers.

The CIC is intended to identify different asset types and the risk associated with them,

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