The European Insurance and Occupational Pensions Authority (EIOPA) has launched a public consultation on Guidelines on preparing for Solvency II. The purpose of the Guidelines is to support both National Competent Authorities (NCA’s) and undertakings in their preparation for the Solvency II requirements.
The Guidelines cover the areas that EIOPA considers fundamental to ensure effective preparation for Solvency II: 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 (NCA’s); pre-application for internal models.
The public consultation will end on 19 June 2013. EIOPA intends to subsequently publish the final Guidelines in the autumn of this year.
Read the full press release here (https://eiopa.europa.eu/fileadmin/tx_dam/files/pressreleases/2013-03-27_Solvency_II_Guidelines.pdf)
Read the consultation papers here (https://eiopa.europa.eu/consultations/consultation-papers/index.html)