EIOPA CONSULTS ON GUIDELINES FOR THE PREPARATION OF SOLVENCY II

The European Insurance and Occupational Pensions Authority (EIOPA) launched
today a public consultation on Guidelines related to the preparation for
Solvency II. The purpose of the Guidelines is to support both National
Competent Authorities (NCA's) and undertakings in their preparation for
the Solvency II requirements.

The Guidelines cover the areas that EIOPA considers fundamental to ensure
effective preparation for Solvency II: system of governance, including
risk management; forward looking assessment of the undertaking's own
risk (based on the Own Risk and Solvency Assessment (ORSA) principles);
submission of information to National Competent Authorities (NCA's);
pre-application of internal models.

It is up to NCAs to determine how to comply with EIOPA's Guidelines by
incorporating them into their regulatory or supervisory framework in an
appropriate manner.

NCAs are expected to ensure that insurance companies and groups take active
steps towards implementing the relevant aspects of the regulatory
framework addressed in these Guidelines, so that when Solvency II is
applicable, its requirements can be fully complied with. However, EIOPA
makes it clear that the Guidelines should be applied in a proportionate
way and in particular with regard to the burden on small and medium size
undertakings.

The public consultation will end on 19 June 2013. EIOPA intends to
subsequently publish the final Guidelines in the autumn of this year. This
should allow NCAs to put in place certain important aspects of the
preparation for Solvency II starting on 1 January 2014.

Click here to access all the relevant documentation (Link:
https://eiopa.europa.eu/consultations/consultation-papers/index.html )


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