EIOPA consultation on Solvency II
Bringing forward the implementation?
EIOPA consults on Guidelines for Solvency II interim measures
In March 2013, the European Insurance and Occupational Pensions Authority (EIOPA) opened consultation on four sets of Guidelines which seek to bring forward the implementation of certain Solvency II requirements to 1 January 2014.
EIOPA’s chief objective is to ensure a consistent and convergent approach to Solvency II preparation across EU Member States, given that in the absence of a political agreement on Omnibus II, National Competent Authorities (NCAs) may individually take interim (and possibly inconsistent) regulatory measures.
The proposed Guidelines are applicable both to insurance and reinsurance undertakings and groups. They are to be applied in proportion to the “nature, scale and complexity of the risks inherent in the business” of the undertaking or group.