The latest edition of the Newsletter notes that the Implementing Regulations and the Finance (Miscellaneous Provisions) Act 2015 (which will ensure continued regulation for (re)insurers falling outside the scope of Solvency II) have now been published. Information is also provided on the publication of implementing regulations relating to EIOPA’s second set of Implementing Technical Standards (ITS) and the CBI’s industry survey on preparedness for Solvency II.
The CBI advises that where applicable, (re)insurers should focus on submitting applications for the establishment of the four key functions required under Solvency II (compliance, risk, audit and actuarial) in advance of 1 January 2016. Guidance is provided on this process and on the fitness and probity treatment when outsourcing these functions. As previously reported, the CBI has also issued a draft set of conditions of authorisation to all (re) insurers. Firms have a 21 day review period to submit comments. The CBI’s final decision on the revised conditions is not expected until after the commencement of the Implementing Regulations on 1 January 2016.
The CBI provides clarity on statistical reporting requirements under Solvency II and on the review being undertaken of CBI guidance provided on their website.
Other topics covered in the Newsletter which are dealt with elsewhere in this Update include: the publication of proposed conditions for the domestic actuarial regime and related governance requirements under Solvency II; the CBI’s Policy Notice on Ring Fenced Funds and the CBI’s Information Note (No.8).
A link to the Newsletter is here.