The European Insurance and Occupational Pensions Authority (EIOPA) launched the consultation on the second set of draft Implementing Technical Standards (ITS) and Guidelines for Solvency II on 2nd December 2014.
EIOPA intends to issue the Guidelines in all the official EU languages in the first quarter of 2015. National Competent Authorities, including the MFSA, will then have 2 months to confirm their compliance with or intention to comply with the Guidelines.
This second set of documents covers different areas of all three Pillars of Solvency II. In particular, it includes Guidelines on Valuation of assets and liabilities, an ITS on Capital Add-on, an ITS on procedures when assessing external credit assessments and the updated quantitative and narrative reporting and disclosure package.
The public consultation will end on 2 March 2015. All the relevant documentation can be found by clicking here .
For more information contact Ms Tanya Causon, Regulatory Manager (Insurance), GANADO Advocates.