Since 2013, EIOPA has implemented an annual Action Plan for Colleges of Supervisors. The Action Plan for 2015/2016, which identifies five work themes for colleges, was approved by EIOPA’s Board of Supervisors in October 2014.
Whilst the overall focus for 2016 remains the implementation of Solvency II, this update reflects two amendments to the plan. Firstly, it notes the importance of the application of sub-group supervision resulting in this theme being brought forward for consideration in 2015. Secondly, it invites colleges to discuss effective, efficient and secure information sharing in light of Solvency II reporting requirements.
Three other themes are set out in the 2016 Action Plan which include consideration of: (i) how transparency of the colleges’ work might be improved; (i) whether group solvency calculations and ORSAs are carried out consistently by a group; and (iii) how the review procedure used to determine the continuing propriety of a full or partial internal model can be kept consistent.
The themes for colleges to consider in 2017 will be set with the objective of ensuring high quality supervision across the EEA. College members will also be invited to suggest topics aimed at promoting the colleges’ work and supporting the function of the colleges.
A link to the updated Action Plan 2016 and Way Forward for Colleges of Supervisors is here.