EIOPA has published the final guidelines aimed at increasing the readiness of supervisors and insurers for Solvency 2. The guidelines cover risk management, the Own Risk and Solvency Assessment (ORSA) principles, reporting to supervisors and pre-application for internal models. The guidelines will be published in the official EU languages with a view to their gradual application from 1 January 2014. EIOPA says that the current working assumption is that Solvency 2 will be applicable from 1 January 2016 (see also EU Commission above). Insurance Europe has asked that firms should not be asked to implement any Pillar 1 quantitative reporting before the Omnibus 2 Directive and Solvency 2 delegated acts are defined. (Source: EIOPA Publishes the Final Guidelines for the Preparation of Solvency 2 and Consistency is Key in Solvency 2 Implementation)