On 27 September 2013, EIOPA published its final guidelines for the preparation of Solvency II (the Guidelines). This is being viewed by many as a signal of renewed effort towards implementing Solvency II. The Guidelines were finalised following public consultation in early 2013 during which EIOPA received in excess of 4,000 comments. The Guidelines allow for gradual and proportionate preparation for Solvency II by both national supervisors and industry through the “phasing-in” and threshold provision. National supervisors are expected to ensure that insurance companies and groups take active steps towards implementing the Guidelines.

The Guidelines cover a number of key areas of Solvency II, including the following:

  • System of governance, including risk management;
  • Forward looking assessment of the undertaking’s own risk (based on the Own Risk and Solvency Assessment (ORSA) principles;
  • Submission of information to National Competent Authorities; and
  • Pre-application for internal models.

Please click here to view the full text of the Final Report on Public Consultation No. 13/008 on the Proposal for Guidelines on the System of Governance;

Please click here to view the full text of the Final Report on Public Consultation No. 13/009 on the Proposal for Guidelines on Forward Looking Assessment of Own Risks (based on the ORSA principles);

Please click here to view the full text of the Final Report on Public Consultation No. 13/010 on the Proposal for Guidelines on Submission of Information to National Competent Authorities;

Please click here to view the full text of the Final Report on Public Consultations No. 13/011 on the Proposal for Guidelines on the Pre-application for Internal Models.