General Insurance Article - PwC comment on EIOPA SII guidelines

 The European Insurance and Occupational Pensions Authority ("EIOPA") has recently published its final guidelines for the preparation of Solvency II, in response to the public consultation earlier in the year. 

 Charles Garnsworthy, partner and PwC UK Solvency II leader, said:

 “The release of these guidelines represents a significant step in the journey towards Solvency II implementation. Insurers now have a clearer idea of what EIOPA expects of them but, in the UK, will be looking for further clarity from the Prudential Regulation Authority ("PRA") about how they intend to adopt these guidelines.

 “These guidelines are principles based and national supervisors may choose to adopt them in different ways. This could create some inconsistency in interpretation across the EU and consequently may represent a challenge for European insurance groups.

 “These interim measures are one of the last milestones before formal adoption of Solvency II in Europe. Another key milestone upcoming is the outcome of the trilogue process, due in the coming weeks. A positive result will ease fears around a further delay and it is therefore important that insurers maintain their focus on delivering their programmes for a go live date of 2016.”