EIOPA publishes the final Guidelines for the preparation of Solvency II

The European Insurance and Occupational Pensions Authority (EIOPA)
published today the final Guidelines for the preparation of Solvency II.
The Guidelines were finalized following the public consultation earlier
this year, during which EIOPA received over 4000 comments.

With its Guidelines EIOPA intends to significantly increase preparedness of
both supervisors and insurers for Solvency II once the new framework is
applicable. The Guidelines aim to ensure that National Competent
Authorities (NCAs), insurance companies and groups take active steps
towards implementing certain key elements of Solvency II in a consistent
and convergent way. It is up to NCAs to decide how best to incorporate the
Guidelines into their national regulatory or supervisory framework. The
Guidelines foresee a gradual application through "phasing-in"
provisions (i.e. different expectations for 2014 and 2015).

EIOPA Guidelines cover a number of key areas of 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 NCAs; pre-application for
internal models.

EIOPA envisages issuing the Guidelines in all the official EU languages on
31 October 2013 with the application date of 1 January 2014. The NCAs will
report to EIOPA about their compliance or intention to comply within 2
months after the Guidelines' issuance. The NCAs are required to submit a
progress report to EIOPA on the Guidelines' implementation in February
2015.

Gabriel Bernardino, Chairman of EIOPA, said: "I would like to thank all
the stakeholders for their valuable input during the public consultation.
Their comments and suggestions helped us to refine the content and achieve
a better balanced approach to the preparatory phase. Together we have
made a decisive step towards Solvency II!

The move towards a risk-based supervisory system like Solvency II presents
a number of important challenges to undertakings and supervisors. These
Guidelines are a key step in order to ensure that preparation will be done
in a consistent manner for the benefit of the internal market, industry
and consumers".

The consultation reports for the Guidelines together with the individual
feedback on each comment can be found on EIOPA website:
https://eiopa.europa.eu/consultations/consultation-papers/2013-closed-consultations/march-2013/guidelines-on-preparing-for-solvency-ii/index.html
(Link:
https://eiopa.europa.eu/consultations/consultation-papers/2013-closed-consultations/march-2013/guidelines-on-preparing-for-solvency-ii/index.html
)


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EIOPA CONFERENCE 2013 (20 November 2013, Frankfurt/Main) - Register now!

The European Insurance and Occupational Pensions Authority (EIOPA) is
pleased to announce that registration to its annual conference is now
open!


When20 November 2013
9:45 – 18:30 hWhereCongress Center Messe FrankfurtPanel
sessions"Strategic Vision – Risks and opportunities for the future of
Life Insurance and Pensions"
"Pensions – Towards an EU framework"
"Solvency II – On your mark, get set, go"Key note speechesDr. Thomas
Steffen; State Secretary, Federal Ministry of Finance, Berlin
Michel Barnier; Commissioner in charge of the Internal market and Services,
European Commission

You can view the full programme here (Link:
https://eiopa.europa.eu/conferences-events/2013/eiopa-conference-2013/programme/index.html
). For further information please visit the conference website
(Link:
https://eiopa.europa.eu/conferences-events/2013/eiopa-conference-2013/index.html
).

Yours sincerely,
Florian Ouillades
on behalf of Gabriel Bernardino (Chairman EIOPA)


This newsletter was sent to you by:

EIOPA
WesthafenTower | Westhafenplatz 1 | 60327 Frankfurt | Germany
Phone: +49 69 951119-20
Fax: +49 69 951119-19

info@eiopa.europa.eu
https://eiopa.europa.eu

---

Don't want to receive this newsletter anymore?

Please login to the Restricted Area of the EIOPA website and change
your user profile:

https://eiopa.europa.eu/restricted-area/index.html

If you forgot your password, you will find a link to receive a new
password on the login page of the EIOPA Restricted Area.