On September 27, 2013, the European Insurance and Occupational Pensions Authority (EIOPA) published its final guidelines for the preparation of Solvency II. These guidelines set out EIOPA’s proposal for the phased introduction of specific aspects of the Solvency II requirements, some of which are due to be put in place by January 1, 2014. These final guidelines for Solvency II cover systems of governance, forward looking assessment of the undertaker's own risk, submission of information to NCAs, and the pre-application of internal models.
This paper summarizes the content of the guidelines and discusses what they mean for firms impacted by the regulations.