Central Bank publishes ‘Guidelines on preparing for Solvency II’

The Central Bank of Ireland has published ‘Guidelines on Preparing for Solvency II’.
These guidelines reflect the EIOPA Guidelines published on 31st October 2013. The principal aim of the guidelines is to aid insurance companies in taking active steps towards implementing certain key elements of Solvency II in a consistent way.

The Central Bank guidelines cover the following areas of Solvency II:

  • Systems of Governance
  • Forward-looking assessment of own risks
  • Submission of information to the Central Bank
  • Pre-application of internal models

The Central Bank will closely monitor implementation of the guidelines, the majority of which are applicable from 1 January 2014, with certain provisions applying from later dates.

A copy of the guidelines is available from the Central Bank’s website.