Frankfurt, 2 December 2014 – The European Insurance and Occupational Pensions Authority (EIOPA) launched
today a public consultation on the second set of draft Implementing Technical
Standards (ITS) and Guidelines for Solvency II.
With this EIOPA enters the final regulatory phase of Solvency II. Preparation
of the Standards is required by the EU law with the aim to define forms, templates
and procedures for specific areas under Solvency II. EIOPA Guidelines ensure common,
uniform and consistent application of the new regime. The Guidelines reflect EIOPA’s
prudential choice to address in a harmonised manner fundamental objectives of
Solvency II, such as risk-based capital requirements, reporting and disclosure.
The set of ITS and Guidelines covers different areas from all the three Solvency
II pillars. In terms of the third pillar, the set contains the reporting package,
which since its first release in July 2012, has been updated in accordance with
the Omnibus II Directive and the Solvency II Implementing Measures. The overview of ITS and Guidelines that are being consulted is presented below
in the Note for Editors. Page 2 of 3
Gabriel Bernardino, Chairman of EIOPA, said: “Standards and Guidelines are essential for the Solvency II implementation. The
ITS allow for convergent application of mandatory requirements, while EIOPA Guidelines
specify supervisory expectations related to the proper fulfilment of principles
laid down in the Solvency II Directive and Delegated Acts. We need to continue
our common efforts in order to achieve a level playing field and a convergent
level of policyholder protection.”
The public consultation will end on 2 March 2015.
All the relevant documentation can be found on EIOPA’s website: http://goo.gl/gp6jH
Note for Editors:
Implementing Technical Standards define forms, templates and procedures for specific
areas under Solvency II. They do not imply strategic decisions or policy choices.
EIOPA is exercising the power to draft the ITS according to its Founding Regulation
(1094/2010) and based on the empowerments introduced by the Omnibus II Directive,
amending the Solvency II Directive.
EIOPA Guidelines are addressed to National Competent Authorities (NCAs) or Financial
Institutions. Their aim is to ensure common, uniform and consistent application
of Union law as well as to establish consistent, efficient and effective supervisory
practices drafted by EIOPA in accordance with Article 16 of the Regulation establishing
EIOPA. The Guidelines shall be in line with the Solvency II Directive and Implementing
Measures, which the Guidelines are aiming to clarify.
Overview of the Public Consultation:
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Guidelines
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Pillar I *
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List of regional governments and local authorities;
Index for the equity dampener (will be published in due course shortly);
Currency shock for currencies pegged to the EURO;
Standard deviations for health insurance obligations subject to health risk equalisation
systems;
Equity charge transitional;
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Valuation of assets and liabilities (other than Technical Provisions);
Implementation of the long term guarantee measures;
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Pillar II
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Procedures when assessing external credit assessments;
Supervisory transparency and accountability;
Capital add-ons;
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Extension of the recovery period;
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Pillar III
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Templates for the submission of information to the supervisory authorities;
Procedures, formats and templates of the Solvency and Financial Condition Report;
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Methods to determine the market share for the purpose of exemptions to supervisory
reporting;
Reporting for financial stability purposes;
Reporting and disclosure;
Exchange of information on a systematic basis within colleges;
Third Country Branches;
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*The ITS on rating allocation to credit quality steps will be put for public
consultation in the beginning of 2015 after the relevant work at the level of
the Joint Committee of the three European Supervisory Authorities is finalised.
The European Insurance and Occupational Pensions Authority (EIOPA) was established on 1 January 2011 as a result of the reforms to the structure
of supervision of the financial sector in the European Union.
EIOPA is part of the European System of Financial Supervision consisting of three
European Supervisory Authorities, the National Supervisory Authorities and the
European Systemic Risk Board. It is an independent advisory body to the European
Commission, the European Parliament and the Council of the European Union.
EIOPA’s core responsibilities are to support the stability of the financial system,
transparency of markets and financial products as well as the protection of insurance
policyholders, pension scheme members and beneficiaries.