EIOPA launch public consultation on Solvency II guidelines

The European Insurance and Occupational Pensions Authority (EIOPA) has launched a public consultation on guidelines related to preparations for Solvency II.

The guidelines are intended to support national competent authorities in their preparation for the regulatory regime’s requirements, covering areas that EIOPA considers fundamental to ensure effective preparation for Solvency II.

These areas include system of governance, including risk management; forward looking assessment of the undertaking’s own risk; submission of information to national competent authorities; and pre-application of internal models. The public consultation will end on 19 June, 2013, with the aim being to publish final guidelines in the autumn.

Gabriel Bernardino, chairman of EIOPA, commented: “these guidelines are an important step towards consistent and effective supervisory practices in preparation for Solvency II implementation. They will play a fundamental role in supporting the good function of the internal market in the insurance sector and will ensure a higher quality of information. We welcome all contributions from the different stakeholders.”