• EIOPA Guidelines put the emphasis on the preparation by National Competent Authorities (NCA’s) and the industry on key aspects of Solvency II: system of governance, including risk management, forward looking assessment of undertaking's own risk (based on the Own Risk and Solvency Assessment (ORSA) principles), submission of information and pre-application for internal models;
• Guidelines to apply from 1 January 2014, but to allow for some flexibility in their application through provisions for ‘phasing-in’ and the use of thresholds;
• EIOPA aims to ensure that the Guidelines are applied in a manner that  is proportionate in the context of the preparatory phase.

Read full EIOPA Press Release.