On the 27th of September 2013, EIOPA issued final guidelines for the preparation of Solvency II. These guidelines were finalized following the public consultation period which ended on the 19th of June 2013 and following which over 4000 comments were received. EIOPA declared that the aim behind the guidelines were to significantly increase preparedness of national supervisors and insurers for Solvency II once it is implemented. The guidelines foresee a gradual application through ‘phasing-in’ provisions.
In its press release, EIOPA confirmed that it is the national authorities who are to decide how best to incorporate the guidelines into their national regulatory and supervisory framework. Here, the MFSA is required (within two months of the issuance of the guidelines) to report to EIOPA regarding their compliance or intention to comply with the same guidelines and is required to submit a progress report to EIOPA on the guidelines’ implementation by February 2014.
According to EIOPA Chairman Gabriel Bernardino “These Guidelines are a key step in order to ensure that preparation will be done in a consistent manner for the benefit of the internal market, industry and consumers”.