News

EIOPA updates on preparation for Solvency II
06/05/2015 12:00

​​​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 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. ​