The European Insurance and Occupational Pensions Authority (EIOPA) has issued the second set of its Solvency II Guidelines in the official languages of the European Union.
The Guidelines cover different areas from all the three Solvency II pillars (quantitative requirements; governance requirements; reporting and disclosure).
EIOPA Guidelines are addressed to National Competent Authorities (NCAs) or Financial Institutions. Their aim is to ensure common, uniform and consistent application of Union law as well as to establish consistent, efficient and effective supervisory practices. Guidelines are drafted by EIOPA in accordance with Article 16 of the Regulation establishing EIOPA.
The Guidelines are in line with the Solvency II Directive and Commission Delegated Regulation (EU) 2015/35 of 10 October 2014 (Delegated Acts), which the Guidelines are aiming to clarify.
In accordance with Article 16 (3) of the EIOPA Regulation, NCAs have to confirm whether they comply or intend to comply with the Guidelines within 2 months of the issuance date.