The European Insurance and Occupational Pensions Authority (EIOPA) published today the Final Reports on the public consultation related to the Solvency II Guidelines on the System of Governance and the Own Risk and Solvency Assessment (ORSA).
The Guidelines on the System of Governance set out the requirements for the sound and prudent management of undertakings without unduly restricting them in choosing how to organise themselves.
The Guidelines on the ORSA contain incentives to a better understanding of the undertaking's overall solvency needs and capital allocation as well as the interrelation between risk and capital management in a forward looking perspective.
EIOPA intends to issue the Guidelines on the System of Governance and the ORSA in all the official EU languages in April 2015. They will become applicable on 1 January 2016.
The Final Reports, the Impact Assessment, the Resolution of Comments and draft Guidelines can be viewed here