Following the publication by EIOPA , on 31 October 2013 of its guidelines to the respective National Competent Authorities concerning the preparatory phase leading to the implementation of the Solvency II directive, the Central Bank of Ireland (“Central Bank”) has subsequently published a document in light of those Solvency II developments, “Introduction to Central Bank of Ireland Guidelines on Preparing for Solvency II“.
The intended date of implementation of Solvency II is 1 January 2016. In the interim period, the guidelines are intended “…to ensure proper management of undertakings and to ensure that the Central Bank has sufficient information at hand”.
There are four key areas defined under which guidance has been published;
– System of Governance (including Risk Management Systems)
– A Forward Looking Assessment of the undertaking’s Own Risks (based on the ORSA principles)
– Submission of information to Central Bank
– Pre-application for Internal Models
End.