EIOPA UPDATES ON PREPARATION FOR SOLVENCY II

EIOPA UPDATES ON PREPARATION FOR SOLVENCY II

EIOPA UPDATES ON PREPARATION FOR SOLVENCY II

  • All the information on Solvency II is available on a single webpage;
  • EIOPA to publish its feedback on the comments on the second set of
    Standards and Guidelines early in the 3rd quarter of 2015;
  • Insurers are urged to focus their efforts on reporting both under the
    preparatory phase and under Solvency II.

Frankfurt, 6 May 2015 – The European Insurance and Occupational Pensions
Authority (EIOPA) updated its Solvency II webpage in order to help (re)insurers and
other market participants find at a glance all relevant information on the new regime.
The Solvency II webpage provides easily accessible links to the regulatory framework
at all levels, including the first six Implementing Technical Standards (ITS) which were
recently adopted by the European Commission (EC). These ITS cover all the
supervisory approval procedures that are crucial for the Solvency II phasing-in period
that started on 1 April 2015.

EIOPA is also currently considering the comments from the public consultation on the
second set of Solvency II ITS and Guidelines. The Authority intends to publish its
feedback on these comments early in the 3rd quarter of 2015 after its approval by
EIOPA’s Board of Supervisors.

Gabriel Bernardino, Chairman of EIOPA, said: “I would like to thank all the
stakeholders for their valuable input during this public consultation. Their comments
and suggestions are helping us refine our approach on the second set of Solvency II
ITS and Guidelines, namely in order to ensure effective supervision within the most
Page 2 of 3 efficient and proportionate reporting framework. In April 2015, we held a dedicated
workshop with the main stakeholders, at which we constructively discussed all
reporting-related challenges and their possible solutions.

The Preparatory Phase has significantly increased awareness and readiness for
Solvency II reporting. We acknowledge that later this year companies will need to
allocate efforts between preparatory reporting of the 3rd quarter 2015 and the
reporting under Solvency II in 2016. EIOPA urges undertakings to focus their efforts
both on the annual reporting, as a real test for the Solvency II application, and on the
preparatory reporting of the 3rd quarter 2015, as a very important step for testing
their processes and systems”.

On 30 June 2015, EIOPA is going to send to the EC for endorsement the final set of
ITS, in particular those related to the harmonised regular reporting requirements
under Solvency II.

The XBRL taxonomy will be subsequently released in the 3rd quarter of 2015 based on
the full final reporting package submitted to the EC. This will ensure that ultimate
preparatory steps for the first prudential reporting under Solvency II in mid-April 2016
can be taken. The tool for undertakings, facilitating the implementation of the use of
XBRL, will also be made available in the 3rd quarter of 2015 for the application of the
full Solvency II taxonomy.

EIOPA believes that a constructive dialogue between national supervisors and insurers
will smooth the implementation of Solvency II for the benefit of the internal market,
industry and consumers.

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