The determination of the relevant parameters, however, will be the subject of subsequent delegated regulation; therefore, it is not yet possible to evaluate the overall effect of the package. We shall continue to offer our contributions at both the European and the national level. We are ready to support the government on a number of technical aspects that deserve attention.
Going back to ‘Planet’, the Commission’s proposal envisages the following actions: (i) to include in the Own Risk and Solvency Assessment (ORSA) the consideration of risks relating to climate change, which will be considered as material/significant and will need to be treated specifically, including through the use of quantitative scenarios; (ii) to mandate EIOPA to recalibrate Natural Catastrophe (‘Nat Cat’) parameters at least every three years; and (iii) to mandate EIOPA to consider, by June 2023, a dedicated prudential treatment of exposures relating to assets or activities associated substantially with environmental and/or social objectives.