The European Insurance and Occupational Pensions Authority (EIOPA) has published its final guidelines for the preparation of Solvency II.
The guidelines are in response to EIOPA’s Consultation Paper on the Proposal for Guidelines on the System of Governance that was released in March this year.
According to the cover note issued by EIOPA in association with the consultation paper, EIOPA planned to issue guidelines “addressed to National Competent Authorities on how they should prepare for the application of Solvency II”.
Charles Garnsworthy, partner and PwC UK Solvency II leader, explained that insurers now have a “clearer idea” of what EIOPA expects of them.
“These guidelines are principles based and national supervisors may choose to adopt them in difference ways. This could create some inconsistency in interpretation across the EU and consequently may represent a challenge for European insurance groups.”
“These interim measurer are one of the last milestones before formal adoption of Solvency II in Europe. Another key milestone upcoming is the outcome of the trilogue process, due in the coming weeks. A positive result will ease fears around a further delay and it is therefore important that insurers maintain their focus on delivering their programmes for a go live date of 2016.”
