General Insurance Article - EIOPA launches SII public consultation

 The European Insurance and Occupational Pensions Authority launched today a public consultation on the second set of draft Implementing Technical Standards and Guidelines for Solvency II. With this EIOPA enters the final regulatory phase of Solvency II.

 Preparation of the Standards is required by the EU law with the aim to define forms, templates and procedures for specific areas under Solvency II. EIOPA Guidelines ensure common, uniform and consistent application of the new regime. The Guidelines reflect EIOPA’s prudential choice to address in a harmonised manner fundamental objectives of Solvency II, such as risk-based capital requirements, reporting and disclosure.

 The set of ITS and Guidelines covers different areas from all the three Solvency II pillars. In terms of the third pillar, the set contains the reporting package, which since its first release in July 2012, has been updated in accordance with the Omnibus II Directive and the Solvency II Implementing Measures.

 Gabriel Bernardino, Chairman of EIOPA, said: “Standards and Guidelines are essential for the Solvency II implementation. The ITS allow for convergent application of mandatory requirements, while EIOPA Guidelines specify supervisory expectations related to the proper fulfilment of principles laid down in the Solvency II Directive and Delegated Acts. We need to continue our common efforts in order to achieve a level playing field and a convergent level of policyholder protection.”

 The public consultation will end on 2 March 2015.

 All the relevant documentation can be found on EIOPA’s website: http://goo.gl/gp6jH