Jul 6, 2015 - These Solvency II Implementing Technical Standards (ITS) and Guidelines are a solid basis for ... converge
Press Release
Contact: Anzhelika Mayer Phone: +49 (0) 69 95 11 19 6 8
[email protected]
EIOPA PUBLISHES THE 2nd SET OF SOLVENCY II TECHNICAL STANDARDS AND GUIDELINES
These Solvency II Implementing Technical Standards (ITS) and Guidelines are a solid basis for the Solvency II implementation;
The Solvency II Reporting Package represents a balanced and proportionate approach ensuring the supervisory needs for information while limiting the burden to industry;
The XBRL Taxonomy based on the ITS published today will be released in July 2015;
Frankfurt, 6 July 2015 – The European Insurance and Occupational Pensions Authority (EIOPA) published today the second set of draft Implementing Technical Standards (ITS) and Guidelines for Solvency II. The set covers different areas from all three Solvency II pillars (quantitative basis; qualitative requirements; reporting and disclosure).
The ITS and Guidelines were finalised following the public consultation
earlier this year, during which EIOPA received over 4500 comments. The overview of the published documents is presented below in the Note for Editors. With this publication EIOPA takes a further step towards ensuring the timely implementation of Solvency II. All the ITS and Guidelines delivered by EIOPA in the last two years represent a solid basis for the implementation of Solvency II and will foster a consistent and convergent application of new risk-based regime. Later in July 2015, EIOPA will release the XBRL Taxonomy based on the ITS on supervisory reporting published today. This will allow undertakings to finalise their preparations for reporting under Solvency II.
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Gabriel Bernardino, Chairman of EIOPA, said: “The publication of these Standards and Guidelines is a milestone for Solvency II and for EIOPA. It culminates a long and thorough process of development and public consultation. I want to thank all the different stakeholders that provided comments and engaged with EIOPA during the consultation phase, in particular the members of EIOPA’s Insurance and Reinsurance Stakeholder Group. Their comments and suggestions contributed to a better balanced regulatory package.” Questions on the application of the regulation, in particular on EIOPA Guidelines and on the risk-free rate, will be answered through a Q&A Tool on Regulation. The monitoring of the convergent application of the new framework across the EU will inform future policy action. The documentation can be viewed on EIOPA’s website: Outcome of the public consultation on Set 2 of Solvency II ITS and Guidelines: https://goo.gl/ovHNcb Outcome of the public consultation on the proposal for ITS on the procedures and templates for the submission of information to the group supervisor as well as the exchange of information between supervisory authorities: https://goo.gl/Rnsnhk Note for Editors: Implementing Technical Standards (ITS) 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. The ITS are to be endorsed by the European Commission as Delegated Decisions. 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. The Guidelines will become applicable after being translated into all the official languages of the EU.
Overview of the published ITS and Guidelines:
Pillar I
ITS
Guidelines
List of regional governments and local authorities;
Valuation of assets and liabilities (other than Technical Provisions);
Page 3 of 3 Index for the equity dampener; Currency shock for currencies pegged to the EURO;
Implementation of the long term guarantee measures;
Standard deviations for health insurance obligations subject to health risk equalisation systems; Pillar II
Procedures when assessing external credit assessments;
Extension of the recovery period;
Supervisory transparency and accountability; Capital add-ons; Pillar III
Templates for the submission of information to the supervisory authorities; Procedures, formats and templates of the Solvency and Financial Condition Report; Exchange of information on a systematic basis within colleges;
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;
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.
