Solvency II is intended to create a framework within which European insurance and reinsurance regulation operates. Its introduction is a highly complex and challenging process and one which KPMG member firms have been heavily involved to date in assisting our clients.
The most recent development has been the release by EIOPA in March 2013 of a public consultation on guidelines related to the preparation for Solvency II. The guidelines cover the areas of systems of governance, a forward looking assessment of undertakings’ own risk (based on ORSA principles), submission of information to national competent authorities and pre-application for internal models.
The purpose of the guidelines is to support both national supervisors and undertakings in their preparations for full Solvency II requirements. See link below to our 24 April 2013 presentation which summarises the key issues arising from the consultation. The consultation closes on 19 June 2013.
On 24 May 2013 the Central Bank of Ireland hosted an industry briefing on the draft Guidelines. The briefing provided representatives of insurance and reinsurance undertakings with further detail regarding EIOPA’s consultation and is available on the CBI website (see link below). The briefing noted that all high and medium high impact firms will be subject to all relevant guidelines from 2014 with phasing in for low and medium low firms.
KPMG has significant expertise and depth of knowledge in helping insurers and reinsurers with their Solvency II projects. We work with our clients to help them understand not just the detail of how these requirements will affect their business, but also to help put in place the solutions needed to deliver compliance.
Our global reach means we can operate across borders effectively and efficiently and our insurance and reinsurance expertise means that you can access assistance on the widest possible range of issues.
If you would like to find out more about the implications of Solvency II and related capital matters please do get in touch – we’d be delighted to discuss how we can help.