A public consultation on the second set of draft implementing technical standards and guidelines for Solvency II, has been launched by the European Insurance and Occupational Pensions Authority.
The consultation, based on a set of technical standards and guidelines, covers different areas from all the three pillars. This will include supervisory reporting, reporting for financial stability purposes, reporting and disclosure and the exchange of information.
This marks entry into the final regulatory phase of the EU-wide institutional solvency regulations, with preparation of the standards being required under the EU law to define forms, templates and procedures.
Eiopa said the guidelines will ensure “common, uniform and consistent application” of the new regime, adding that the standards will aim to achieve a “level playing field” and a “convergent level of policyholder protection”.
Gabriel Bernardino, chairman of Eiopa, said the guidelines specify supervisory expectations related to the proper fulfillment of principles laid down in the directive and delegated acts.
“We need to continue our common efforts in order to achieve a level playing field and a convergent level of policyholder protection,” he added.
The public consultation will end on 2 March 2015.
Late last month the Financial Conduct Authority revealed plans to make executive and certain “controlled functions” at insurers subject to pre-approval in it’s latest consultation paper on Solvency II, stating new rules for people who go through the approved person process will emphasise the importance of treating customers fairly.
peter.walker@ft.com
