On 4 November 2013, the Central Bank published its long awaited “Guidelines on Preparing for Solvency II” (the Guidelines) which reflect the EIOPA Guidelines published in October. The purpose of the Guidelines is to assist insurance companies in taking active steps towards implementing certain key elements of Solvency II.
The Guidelines cover the following key areas of Solvency II:
- Systems of Governance;
- Forward-looking assessment of own risks;
- Submission of information to the Central Bank; and
- Pre-application of internal models.
Please click here to view the Guidelines in full.