The work plan reminds of the fundamental principles of Solvency II and highlights which steps are necessary to advance the implementation of Solvency II.
EIOPA initiated the draft of this medium-term work plan to achieve a gradual shift of attention from the current regulatory debate to focus on the concrete implementation of Solvency II.
Two key developments are impacting Solvency II today: the state of play of the Solvency II project, and the creation of the European Insurance and Occupational Pensions Authority, EIOPA.
The implementation date is coming closer and supervisors as well as the industry are getting prepared to put into practice Solvency II while many regulatory discussions are still taking place. European-wide guidelines will support the convergent application of the new rules. Also, binding technical standards be developed under Solvency II. The results of the last major quantitative impact study before implementation (QIS5) will be available in the first quarter of 2011, and will help identifying the most important remaining regulatory issues that would need to be solved to ensure a best possible implementation of Solvency II, by finding an appropriate balance between regulation and the practicability of the rules.
The transition to a European Authority impacts on the general governance of the project. The roles and responsibilities of EIOPA’s constituent bodies as well as the organisation of its work streams will be affected. EIOPA, with its new powers and responsibilities will support the implementation of Solvency II.
The aim of the Solvency II work plan is to ensure the efficiency of the work ahead for preparing the implementation. Mapping the various work streams and showing their interconnectedness provides a basis for coordination of the regulatory and supervisory efforts to be made in the medium term. The work plan identifies the key areas of attention in the Solvency II project. It shows the need for an increased coordination of the output in the various work streams and levels of regulatory action (Level 1- Level 2- Level 3), as well as the need for active preparation for the implementation by supervisors and industry. The work plan also reminds of the fundamental principles of Solvency II. This will allow EIOPA, Member States and industry to manage resources and plan their implementation in the coming months and years.
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