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Financial Services analysis: Steven Francis, a partner at Reynolds Porter Chamberlain, suggests that it’s easy to get lost in the legislative detail of Solvency II and fail to connect these EIOPA consultation papers with the wider legislative framework being developed.
EIOPA consults on Set 1 of its Implementing Technical Standards for Solvency II, LNB News 01/04/2014 196
Special purpose vehicles and the granting of supervisory approval are two of the areas of Solvency II being consulted on by the European Insurance and Occupational Pensions Authority (EIOPA). The seven consultations are the first set of its Implementing Technical Standards (ITS) for Solvency II and will come to an end on 30 June 2014. Solvency II will become applicable on 1 January 2016.
What is the background to the publication of this consultation?
The overall context is the implementation of Solvency II, the Europe-wide programme to assess and regulate the capital requirements of insurers and reinsurers. It is easy to get lost in the legislative detail of Solvency II and fail to connect these EIOPA consultation papers with the wider legislative framework being developed.
It is intended that member states must make the new regime part of their domestic law by 31 March 2015. The regime will have force of law, and so firms will be required to comply with it, from 1 January 2016. However, an enormous amount of work is needed to move from the directive itself, which is nothing but an open-textured framework law, to a set of detailed and prescriptive rules that can be applied to individual insurers and reinsurers. What is certain is that, by January 2016, there will be in place a single Europe-wide Solvency II rulebook which contains the prudential rules and principles with which insurers and reinsurers will be required to comply. With that in mind, it might be tempting to wait until the current preparatory work crystallises and becomes law in 2016, but of course that option is not open
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