EIOPA has published the second set of draft Implementing Technical Standards (ITS) and Guidelines for Solvency II. The set covers different areas from all three Solvency II pillars (quantitative basis; qualitative requirements; reporting and disclosure). The ITS and Guidelines were finalised following the public consultation earlier this year, during which EIOPA received over 4500 comments.
With this publication EIOPA takes a further step towards ensuring the timely implementation of Solvency II.
All the ITS and Guidelines delivered by EIOPA in the last two years represent a solid basis for the implementation of Solvency II and will foster a consistent and convergent application of new risk-based regime. Later in July 2015, EIOPA will release the XBRL Taxonomy based on the ITS on supervisory reporting published today. This will allow undertakings to finalise their preparations for reporting under Solvency II.
Gabriel Bernardino, Chairman of EIOPA, said: "The publication of these Standards and Guidelines is a milestone for Solvency II and for EIOPA. It culminates a long and thorough process of development and public consultation. I want to thank all the different stakeholders that provided comments and engaged with EIOPA during the consultation phase, in particular the members of EIOPA's Insurance and Reinsurance Stakeholder Group. Their comments and suggestions contributed to a better balanced regulatory package."
Questions on the application of the regulation, in particular on EIOPA Guidelines and on the risk-free rate, will be answered through a Q&A Tool on Regulation. The monitoring of the convergent application of the new framework across the EU will inform future policy action.
The documentation can be viewed on EIOPA's website:
Outcome of the public consultation on Set 2 of Solvency II ITS and Guidelines.