EIOPA has published a 2012 action plan for colleges of supervisors, which is dated 16 January 2012 (the “Action Plan”).
The Action Plan details actions which colleges are required to implement during 2012, and sets deadlines for the completion of these actions. The action points are split between action points for colleges which have not been constituted until now/ have not fulfilled the work plan for 2011, and action points for all colleges. Key targets from the Action Plan include:
- Preparing for the implementation of Solvency II – the particular focus here is the pre-application process for internal model approval (an ongoing task);
- Agreeing a work plan for when to take actions and decisions in 2012, in particular in relation to Solvency II (to be completed by 30 June 2012);
- Enhancing of the regular exchange of information in colleges (to be complied with from 30 June 2012 and ongoing); and
- (A task for the group supervisor) making a gap analysis (by the end of 2012).
Alongside the Action Plan, EIOPA also published a report (dated 2 February 2012) on the functioning of colleges and the accomplishments of the 2011 action plan (the “Report”). A key conclusion from the Report is that, despite the lack of a final legal text, colleges are making great efforts to prepare for the Solvency II regime.