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EIOPA launched a public consultation on the second set of draft Implementing Technical Standards (ITS) and Guidelines for Solvency II. The public consultation will end on 2 March 2015.
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.
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.”