News

On 10th October 2014, the European Commission adopted a Delegated Act containing implementing rules for Solvency II. This will enter into force once the European Parliament and Council have both approved it, following their scrutiny, for which a maximum period of 6 months can be taken.

The European Insurance and Occupational Pensions Authority (EIOPA) has published the Underlying Assumptions in the standard formula for the Solvency Capital Requirement (SCR) calculation.

The paper aims to support supervisors and undertakings in application of the Solvency II Preparatory Guidelines on forward looking assessment of own risks (FLAOR). 

The Central Bank of Ireland has published the article  “Reinsurance in Ireland: Development and Issues”  from the Central Bank’s Quarterly Bulletin for Q3 2014.

The European Insurance and Occupational Pensions Authority (EIOPA) has launched an EU-wide stress test for the insurance sector.

The European Insurance and Occupational Pensions Authority (EIOPA) invites market participants and (re)insurance stakeholders to provide their feedback on the first set of draft Implementing Technical Standards (ITS) for Solvency II.

With this EIOPA enters the final regulatory phase of Solvency II, during which it will present its draft ITS and Guidelines to the public until the regulation becomes applicable on 1 January 2016.

The Actuarial Association of Europe issued the following press release today:

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 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: