Additionally, EIOPA provided an update on its on-going work for preparing the future implementation of the Solvency II directive, which addresses the need of the national supervisory authorities and the insurance industry for clarity on the content of the standards and guidelines for Solvency II as well as on the timeline of activities necessary to prepare for Solvency II.

The next step on EIOPA’s work plan is the launch of a public consultation on draft standards and guidelines for Solvency II. The consultation is scheduled to start in May 2012. After the consultation EIOPA aims to finalise its proposals in September 2012.

The timing of these activities is based on some assumptions on the development of the political process: first of all, the approval of the Omnibus II directive by the European Parliament and the Council of the European Union and the publication of the proposal for a Delegated Act by the Commission in the first half of 2012; secondly, a phasing-in period of the new regime during 2013; finally, the application of Solvency II as of 1 January 2014.  EIOPA emphasizes that the work plan for the consultation may be adjusted depending on the realisation of these assumptions.

“EIOPA is committed to meet the challenge of implementing the Solvency II project by providing the necessary support to supervisors and stakeholders. This should facilitate the planning of the work of all relevant parties”, said Gabriel Bernardino, Chairman, EIOPA. “Without trying to pre-empt the final decision of the European Parliament and the Council of the European Union on the time-line and the scope of the further regulatory measures, EIOPA wants to ensure progress is made on the last part of the Solvency II framework, which is EIOPA’s core responsibility”, he added.

Note to Editors:
The European Insurance and Occupational Pensions Authority (EIOPA) was established as a result of the reforms to the structure of supervision of the financial sector in the European Union. The reform was initiated by the European Commission, following the recommendations of a Committee of Wise Men, chaired by Mr. de Larosiere, and supported by the European Council and Parliament.

EIOPA is part of the European System of Financial Supervision consisting of three European Supervisory Authorities, the National Supervisory Authorities and the European Systemic Risk Board. It is an ndependent advisory body to the European Parliament and the Council of the European Union.

EIOPA’s core responsibilities are to support the stability of the financial system, transparency of markets and financial products as well as the protection of insurance policyholders, pension scheme members and beneficiaries.