The European Insurance and Occupational Pensions Authority (EIOPA) opened its 2014 scorecard on 31 January 2014, when it
- Published its "Timeline for the delivery of Solvency II Implementing Technical Standards and Guidelines"; and
- Immediately scotched one of the latest rumours circulating in the London Market.
The rumour? That EIOPA would argue that, although
Omnibus II requires it to publicly consult on the
Implementing Technical Standards (ITS) it wants
the Commission to adopt; and the Guidelines it wants to adopt on
its own account; there's really no need. EIOPA's
(private) pre-consultation on the Level 2 texts, and the reports
and advices it has already published, will do just as
well, instead.
The thing is, this isn't as daft as it sounds, even if it's
wrong on this occasion.
EIOPA's timetable includes:
April to June 2014 |
Public consultation on the "Approval Processes" ITS |
June to September 2014 |
Public consultation on the "Guidelines relevant for approval processes, including Pillar 1 (quantitative basis) and internal models" |
31 October 2014 |
Submission of the "Approval Processes" ITS to the Commission |
December 2014 to March 2015 |
Public consultation on "Pillar 1 (quantitative basis), Pillar 2 (qualitative requirements), Pillar 3 (enhanced reporting and disclosure) and supervisory transparency" ITS |
|
Public consultation on "Guidelines relevant for Pillar 2 (qualitative requirements) and Pillar 3 (enhanced reporting and disclosure)" |
February 2015 |
Publication of the "Guidelines relevant for approval processes, including Pillar 1 (quantitative basis) and internal models" in all the official EU languages |
30 June 2015 |
Submission of the "Pillar 1 (quantitative basis), Pillar 2 (qualitative requirements), Pillar 3 (enhanced reporting and disclosure) and supervisory transparency" ITS to the Commission |
July 2015 |
Publication of the "Guidelines relevant for Pillar 2 (qualitative requirements) and Pillar 3 (enhanced reporting and disclosure)" in all the official languages |
1 January 2016 |
Application of the Solvency II regime. |
This, or course, is only part of what Omnibus II requires EIOPA to do, and that's only part of what EIOPA has to do before the end of 2015 ... which at least partially explains the rumour. The rest seems to have been borne from experience more than anything else. Still. Not long now.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.