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In the run-up to the new system, a number of key areas of Solvency II will be addressed in order to ensure proper management of undertakings and to guarantee that supervisors have sufficient information at hand.
In a second step, EIOPA will issue Guidelines addressed to national competent authorities covering the system of governance, including risk management system and a forward-looking assessment of the undertaking's own risks (based on the ORSA principles), pre-application of internal models, and reporting to supervisors. The Guidelines will be subject to a comply or explain procedure.
EIOPA plans to consult publicly on its Guidelines from spring 2013.
Gabriel Bernardino, Chairman of EIOPA, said: “With this Opinion, EIOPA sets the grounds for a consistent and convergent approach by national supervisors with respect to the preparation of Solvency II. EIOPA’s Guidelines will ensure that important aspects of the new regime will be gradually implemented, taken into account due proportionality. This interim phase will allow supervisors and undertakings to be better prepared for the application of the new regulatory framework”.