- Guidelines on preparing for Solvency II will apply from 1 January 2014
- Some reporting concessions granted, but not as far-reaching as industry wanted
The European Insurance and Occupational Pensions Authority (‘EIOPA’) today released their final Guidelines relating to the preparation for Solvency II, aimed at helping both supervisors and industry progress.
Peter Ott, European Head of Solvency II at KPMG, commented: “We are pleased that EIOPA have taken on board industry feedback and modified their proposals slightly. However, the parallel running of current and future regulatory systems will still cause resource constraints.
“Now it is clear that the first pillar 3 reporting will be required before the end of 2015, insurers will need to move forward with plans to accelerate their reporting processes.”
Janine Hawes, insurance director at KPMG, added: “The removal of the December 2015 quarterly return from the dry-run will be welcomed by industry. If the implementation date of Solvency II is confirmed as 1 January 2016 when Omnibus 2 is passed, most insurers will need to complete a quarterly dry-run at 30 September 2015 and an annual dry-run at 31 December 2014.
“We welcome the extra two weeks granted in respect of the annual reporting during this preparatory phase. While a positive step, this will not entirely remove the resource challenges over the first few months of 2016, with a multiplicity of reporting requirements, including any ‘day 1’ reporting requirements arising from Omnibus 2.
“There is, however, likely to be disappointment that both the reporting of a detailed list of assets and the narrative reporting have been retained.”
Notes to editor
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