In a speech delivered to the European Federation of Insurance Intermediaries at the end of last month and released on Tuesday, chairman of the European Insurance and Occupational Pensions Authority (EIOPA), Gabriel Bernardino promised to deliver a set of Solvency II implementation guidelines for consultation in the spring and due to be tabled at the EIOPA board of supervisors by autumn.
The guidelines, which will be addressed to national supervisory authorities, will ensure that important aspects of the new regime will be put into place consistently by 2014. “We are not anticipating Solvency II,” Bernardino said, “but preparing supervisors and undertakings for the new regime in a consistent way.”
The anticipated guidelines will cover the system of governance, including risk management, the process of developing an own risk and solvency assessment, pre-application of internal models and reporting to supervisors. Bernardino also promised a guidebook setting out best practices for implementation, although no date for its delivery was promised.
Bernardino said: “by assuring that day-to-day supervisory oversight of financial institutions is done within a consistent framework, we can effectively contribute to an increased level of protection of policyholders and beneficiaries of the European Union. The single market requires it and EIOPA is committed to deliver it.
To read more about Solvency II’s implementation—and the possible changes it entails for captives— see EMEA Captive’s interview with executive director Carlos Montalvo here.
EIOPA, Solvency II, Europe, supervision