News

The European Insurance and Occupational Pensions Authority (EIOPA) has set up the timeline for the delivery of the Solvency II Implementing Technical Standards (ITS) and Guidelines.

The overall goal of the project is to deliver the regulatory and supervisory framework for the technical implementation of the Solvency II regime from the first day of application, 1 January 2016. It is of high importance to ensure a timely and proportionate application of Solvency II. 

EU Council, represented by the Lithuanian Presidency, and the European Parliament have on November 13 in Brussels achieved a provisional political agreement on Omnibus II directive.

 Agreement on Omnibus II enables Solvency II framework finally to become operational. Solvency II is a long-expected major overhaul of the EU insurance regulatory framework and is very important for the insurance industry, supervisors and policyholders in the EU.

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:

The European Insurance and Occupational Pensions Authority (EIOPA) published today the final Guidelines for the preparation of Solvency II. The Guidelines were finalized following the public consultation earlier this year, during which EIOPA received over 4000 comments.

The International Actuarial Association (IAA) has published a paper on Stress Testing and Scenario Analysis by the Insurance Regulation Committee.

The European Insurance and Occupational Pensions Authority (EIOPA) published today the final report on the results of its two peer reviews on internal models.

The purpose of the peer reviews was to assess the practices of supervisors and colleges related to the review of internal models during the pre-application process.  Both peer reviews cover supervisory practices in 24 Member States.

EIOPA Press Release:

The European Insurance and Occupational Pensions Authority (EIOPA) has launched a public consultation on Guidelines on preparing for Solvency II.

The Groupe Consultatif Actuariel Européen has published a booklet titled “the Role of the Actuary under Solvency II, Raising the bar on insurance technical expertise.”

The booklet states that Actuaries can play a significant role in giving senior management and boards of directors the support they need under Solvency II - not just within the Actuarial Function, but in a number of other areas within insurance management and oversight.

The Groupe Consultatif Actuariel Européen has published a paper titled “Comparison of the Regulatory Approach in Insurance and Banking in the Context of Solvency II”.  The principal author is Mairead O’Shea, a Fellow of the Society of Actuaries in Ireland. 

“Executive Summary

The Groupe Consultatif Actuariel Européen has published a paper on Market Consistency.  The paper summarises the key principles underlying market consistent valuations of assets and liabilities.  Its underlying aim is to help actuaries and others best interpret the concept of market consistency in contexts where several possible valuation approaches are or might be proposed.

On 16 May 2012, the European Commission published a proposed directive of the European Parliament and the Council in order to amend the deadline for the transposition and subsequent implementation of the Solvency II Framework Directive (Directive 2009/138/EC).
 
The proposed Directive says: