Wednesday, 27 March 2013

EIOPA consultation on "Solvency II Preparation Guidelines" - Wham!

In between Mickey Mouse cartoons today, my young lad said "EIOPA just don't publish enough consultations about Solvency II, I hope we see some more soon" - well wait no further son, this year's motherload has just arrived!

EIOPA Guidelines - supervisors have
been 'hanging on like a yo-yo'
What was mooted back in December as EIOPA's interim measures, intended to make sure that impatient  individual national supervisors didn't 'plan on going solo' have been released today for public consumption and comments, covering the 4 areas "fundamental to ensure effective preparation for Solvency II".

The consultation is open until June 19th, but the guidelines once finalised will apply from Jan 1st 2014.

EIOPA will apply them proportionally to the national supervisors, who in turn are asked to "...regard the burden on small and medium sized undertakings" when incorporating these guidelines into national regulatory landscape. May be the first acknowledgement of disproportionately burdening SMEs I have seen from EIOPA!

Those 4 areas are:
  1. System of Governance (L2 final advice here)
  2. Forward-looking assessment of Risk/ORSA (issues paper here)
  3. Submission of information to national authorities (L2 advice here)
  4. Pre-application for internal models (L3 guidance here)
I'll pick these off as separate posts and link them back to this page, so sers toi in the meantime and happy reading!

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